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New Zealand Electricity Market Wrap
December 2025
- Over the month of December, ASX Otahuhu calendar year 2026 swap price moved up $8.17 to finish the month at $181.16. This is a price separation of +$7.55 from the next calendar year 2027.
- Over the month of December, ASX Benmore calendar year 2026 swap price moved up $11.66 to finish the month at $158.64. This is a price separation of +$6.81 from the next calendar year 2027.
- Total traded volume equaled 43,655 lots which is equivalent to 7.2830 million MWh.
- The daily average traded volume was 2,078.81 lots and total trade volume is up 36.15% from 2024.
- Total Open interest is 132,031 lots, up 21.11% from 2024
- Futures OI = 97,681 (down 1.35%)
- Options OI = 34,350 (up 243.50%)
| Contract | Month Open | High | Low | Month Close | Volume | Open Interest |
| December Otahuhu | 32.90 | 39.25 | 17.50 | 17.50 | 1245 | 1423 |
| December Benmore | 20.55 | 20.55 | 5.95 | 5.95 | 950 | 1085 |
| Otahuhu | 73.65 | 93.80 | 63.00 | 63.00 | 2388 | 1396 |
| Benmore | 59.45 | 74.35 | 49.95 | 50.15 | 2591 | 1359 |
| Q4 2025 Otahuhu | 44.25 | 47.00 | 39.65 | 39.65 | 450 | 5016 |
| Q4 2025 Benmore | 33.45 | 33.45 | 28.85 | 28.85 | 236 | 3747 |