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New Zealand Electricity Market Wrap
January 2026
- Over the month of January, ASX Otahuhu calendar year 2027 swap price moved down $15.27 to finish the month at $168.63. This is a price separation of -$5.20 from the next calendar year 2028.
- Over the month of January, ASX Benmore calendar year 2027 swap price moved down $12.41 to finish the month at $147.69. This is a price separation of -$4.83 from the next calendar year 2028.
- Total traded volume equaled 67,105 lots which is equivalent to 11.2755 million MWh.
- The daily average traded volume was 3,355.25 lots and total trade volume is up 25.85% from 2025.
- Total Open interest is 129,900 lots, up 35.40% from 2025
- Futures OI = 94,800 (up 12.41%)
- Options OI = 35,100 (up 202.59%)
| Contract | Month Open | High | Low | Month Close | Volume | Open Interest |
| January Otahuhu | 45.15 | 45.15 | 4.95 | 4.95 | 1589 | 1543 |
| January Benmore | 32.00 | 32.00 | 2.05 | 2.05 | 1658 | 1223 |
| Otahuhu | 149.40 | 149.40 | 65.00 | 65.00 | 2314 | 2030 |
| Benmore | 86.40 | 87.75 | 25.60 | 33.00 | 3346 | 2058 |
| Q1 2026 Otahuhu | 126.00 | 126.00 | 59.50 | 59.50 | 2556 | 5497 |
| Q1 2026 Benmore | 92.50 | 92.50 | 40.00 | 43.70 | 2387 | 4250 |