Sign up for weekly Market Wrap emails

New Zealand Electricity Market Wrap

May 2025

  • Over the month of May, ASX Otahuhu calendar year 2026 swap price moved down $9.77 to finish the month at $195.40. This is a price separation of -$14.76 from the next calendar year 2027.
  • Over the month of May, ASX Benmore calendar year 2026 swap price moved down $10.13 to finish the month at $166.34. This is a price separation of -$12.78 from the next calendar year 2027.
  • Total traded volume equaled 49,605 lots which is equivalent to 7.4871 million MWh.
  • The daily average traded volume was 2,254.77 lots and total trade volume is down 14.63% from 2024.
  • Total Open interest is 97,230 lots, up 6.40% from 2024
    • Futures OI = 83,045 (down 5.56%)
    • Options OI = 14,185 (up 311.16%)

Contract Month Open High Low Month Close Volume Open Interest
May Otahuhu 359.00 359.00 198.10 204.90 1816 1542
May Benmore 360.80 360.80 197.05 201.30 1212 947
Otahuhu 357.80 357.80 162.65 165.75 2015 1842
Benmore 352.85 352.85 141.50 151.50 1831 813
Q2 2025 Otahuhu 348.40 348.40 226.50 229.85 665 5428
Q2 2025 Benmore 346.15 346.15 220.80 225.55 651 3744