TRADING SUMMARY FOR THE WEEK ENDING MONDAY 22/09/2008

Weekly Highlights*

• Calendar 2009 base load prices for all states were moderately higher last week. NSW led the way with a $1.04 increase from $45.17 to $46.21. SA followed with a rise of $0.67 moving from $60.12 to $60.79 and VIC rallied $0.63 from $48.16 to $48.79. QLD increased $0.03 moving from $50.16 to $50.19.
• Options highlights last week included the following strategy trade:
• VIC Calendar 2010 $65/68 call spread traded at $0.63
• QLD Calendar 2009 $42/45 call spread traded at $2.70
• NSW Calendar 2009 $46/52 call spread traded at $1.85
• Overall open interest increased by 167 contracts last week, setting a new record of 49,051. Futures increased by 147 contracts and options increased by 20 calendar contracts.

Weekly Volume*

• Futures contracts traded this week (including Cap Futures) = 615
• Base Futures = 523
• Peak Futures = 25
• Caps = 67
• Calendar Options traded this week = 265 (or 1,060 quarterly equivalent contracts)
• Quarterly Options traded this week = 0
• Volume of EFP this week = 0
• Volume of Block Trades this week = 480
• Total MWh traded this week = 3,639,222
• Open Interest (including caps and options) as at COB Monday 22/09/08 = 49,051 contracts (140.36 million MWh)

Monthly Volume* ^

• FY 08/09 average daily volume = 662
• FY 07/08 average daily volume = 445
• FY 06/07 average daily volume = 461
• FY 05/06 average daily volume = 132
• Sep 2008 volume to date = 12,049 / average daily volume = 753
• Aug 2008 total volume = 8,855 / average daily volume = 422
• July 2008 total volume = 18,807 / average daily volume = 818
• June 2008 total volume = 8,987 / average daily volume = 449
• May 2008 total volume = 13,284 / average daily volume = 604
• Apr 2008 total volume = 8,879 / average daily volume = 404
• Mar 2008 total volume = 6,973 / average daily volume = 332
• Feb 2008 total volume = 14,210 / average daily volume = 677
• Jan 2008 total volume = 7,262 / average daily volume = 363
• Dec 2007 total volume = 3,184 / average daily volume = 168
• Nov 2007 total volume = 13,331 / average daily volume = 606
• Oct 2007 total volume = 9,410 / average daily volume = 409
• Sep 2007 total volume = 9,683 / average daily volume = 570

*volume includes futures trades which result from option exercise

^all contracts are 1 MW calendar quarter equivalent

Electricity Futures & Options Workshops

• Level 1: d-cyphaTrade runs introductory workshops designed to increase understanding of the d-cypha SFE Australian Electricity Futures and Options Products.
• Level 2: Options Trading Workshops provide an introduction to option hedging strategies for energy companies and option volatility trading techniques for financial trading specialists. The Options Trading Workshops will provide practical electricity option trading insights rather than drawing heavily on theoretical options-related mathematics.

For further information please see the Training section on our website.
In-house workshops are available for 8 or more people, please call a member of the d-cyphaTrade Team on 1800 330 101 for more details.