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New Zealand Electricity Market Wrap

February 2025

  • Over the month of February, ASX Otahuhu calendar year 2026 swap price moved down $16.89 to finish the month at $193.99. This is a price separation of -$14.56 from the next calendar year 2027.
  • Over the month of February, ASX Benmore calendar year 2026 swap price moved down $14.82 to finish the month at $161.08. This is a price separation of -$14.97 from the next calendar year 2027.
  • Total traded volume equaled 42,834 lots which is equivalent to 7.2181 million MWh.
  • The daily average traded volume was 2,254.42 lots and total trade volume is up 13.91% from 2024.
  • Total Open interest is 96,772 lots, up 4.20% from 2024
    • Futures OI = 84,392 (down 3.68%)
    • Options OI = 12,380 (up 135.81%)

Contract Month Open High Low Month Close Volume Open Interest
February Otahuhu 246.00 291.10 246.00 272.40 938 1566
February Benmore 202.20 270.00 202.20 239.20 1314 1485
Otahuhu 276.40 358.90 275.70 354.50 1175 1570
Benmore 236.75 320.75 236.75 320.75 1679 1540
Q1 2025 Otahuhu 214.20 252.90 214.20 248.75 365 3979
Q1 2025 Benmore 182.10 226.50 182.10 222.20 697 3217