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New Zealand Electricity Market Wrap

August 2025

  • Over the month of August, ASX Otahuhu calendar year 2026 swap price moved up $5.74 to finish the month at $202.85. This is a price separation of -$19.34 from the next calendar year 2027.
  • Over the month of August, ASX Benmore calendar year 2026 swap price moved up $8.57 to finish the month at $179.24. This is a price separation of -$20.65 from the next calendar year 2027.
  • Total traded volume equaled 57,905 lots which is equivalent to 9.7479 million MWh.
  • The daily average traded volume was 2,757.38 lots and total trade volume is up 37.54% from 2024.
  • Total Open interest is 106,057 lots, up 12.22% from 2024
    • Futures OI = 85,222 (down 5.95%)
    • Options OI = 20,835 (up 434.23%)

Contract Month Open High Low Month Close Volume Open Interest
August Otahuhu 155.00 186.70 155.00 177.20 900 1456
August Benmore 140.50 178.85 140.50 172.50 1354 1907
Otahuhu 149.65 182.85 138.50 151.80 1515 955
Benmore 139.75 170.35 128.00 145.50 1978 1442
Q3 2025 Otahuhu 137.50 155.70 137.50 145.40 297 5205
Q3 2025 Benmore 126.80 145.95 126.80 139.15 556 3395