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New Zealand Electricity Market Wrap
November 2025
- Over the month of November, ASX Otahuhu calendar year 2026 swap price moved down $25.12 to finish the month at $169.32. This is a price separation of +$9.96 from the next calendar year 2027.
- Over the month of November, ASX Benmore calendar year 2026 swap price moved down $25.70 to finish the month at $144.38. This is a price separation of +$9.49 from the next calendar year 2027.
- Total traded volume equaled 57,350 lots which is equivalent to 9.3271 million MWh.
- The daily average traded volume was 2,867.50 lots and total trade volume is up 30.86% from 2024.
- Total Open interest is 124,639 lots, up 20.22% from 2024
- Futures OI = 93,189 (down 3.21%)
- Options OI = 31,450 (up 325.00%)
| Contract | Month Open | High | Low | Month Close | Volume | Open Interest |
| November Otahuhu | 81.60 | 96.00 | 70.00 | 70.80 | 1925 | 2279 |
| November Benmore | 66.45 | 77.00 | 54.00 | 54.05 | 1839 | 1296 |
| Otahuhu | 88.55 | 94.95 | 43.15 | 44.35 | 2742 | 1380 |
| Benmore | 71.85 | 79.95 | 32.65 | 33.40 | 2015 | 895 |
| Q4 2025 Otahuhu | 67.55 | 72.90 | 48.90 | 48.90 | 1295 | 4899 |
| Q4 2025 Benmore | 55.05 | 60.90 | 38.05 | 38.05 | 1074 | 3785 |