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New Zealand Electricity Market Wrap

July 2025

  • Over the month of July, ASX Otahuhu calendar year 2026 swap price moved up $4.29 to finish the month at $196.64. This is a price separation of -$19.63 from the next calendar year 2027.
  • Over the month of July, ASX Benmore calendar year 2026 swap price moved up $5.50 to finish the month at $170.34. This is a price separation of -$16.09 from the next calendar year 2027.
  • Total traded volume equaled 54,179 lots which is equivalent to 8.0877 million MWh.
  • The daily average traded volume was 2,355.61 lots and total trade volume is down 20.62% from 2024.
  • Total Open interest is 94,546 lots, up 0.42% from 2024
    • Futures OI = 81,711 (down 9.66%)
    • Options OI = 12,835 (up 246.89%)

Contract Month Open High Low Month Close Volume Open Interest
July Otahuhu 138.80 138.80 80.05 109.45 2577 1606
July Benmore 128.20 128.20 73.65 98.50 1980 1395
Otahuhu 160.70 160.70 117.00 152.00 2787 1432
Benmore 138.90 143.00 104.30 140.00 2776 1618
Q3 2025 Otahuhu 148.85 148.85 109.85 137.65 1964 5443
Q3 2025 Benmore 132.00 132.00 96.85 125.60 1457 3416