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New Zealand Electricity Market Wrap

September 2025

  • Over the month of September, ASX Otahuhu calendar year 2026 swap price moved down $10.38 to finish the month at $194.45. This is a price separation of -$15.80 from the next calendar year 2027.
  • Over the month of September, ASX Benmore calendar year 2026 swap price moved down $11.05 to finish the month at $169.63. This is a price separation of -$12.61 from the next calendar year 2027.
  • Total traded volume equaled 57,389 lots which is equivalent to 9.1104 million MWh.
  • The daily average traded volume was 2,608.59 lots and total trade volume is up 11.21% from 2024.
  • Total Open interest is 115,404 lots, up 15.12% from 2024
    • Futures OI = 88,369 (down 6.83%)
    • Options OI = 27,035 (up 400.65%)

Contract Month Open High Low Month Close Volume Open Interest
September Otahuhu 160.00 181.95 115.75 115.75 1000 1183
September Benmore 156.55 174.00 113.25 113.25 1081 1521
Otahuhu 160.00 176.45 62.75 73.65 2611 1135
Benmore 144.95 165.25 53.40 67.50 2388 870
Q3 2025 Otahuhu 147.00 156.00 133.60 133.60 220 5206
Q3 2025 Benmore 143.00 148.30 128.30 128.30 219 3500