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New Zealand Electricity Market Wrap

March 2025

  • Over the month of March, ASX Otahuhu calendar year 2026 swap price moved down $2.90 to finish the month at $195.85. This is a price separation of -$17.22 from the next calendar year 2027.
  • Over the month of March, ASX Benmore calendar year 2026 swap price moved down $1.59 to finish the month at $163.32. This is a price separation of -$16.26 from the next calendar year 2027.
  • Total traded volume equaled 38,048 lots which is equivalent to 6.2035 million MWh.
  • The daily average traded volume was 1,811.81 lots and total trade volume is down 24.44% from 2024.
  • Total Open interest is 98,661 lots, up 1.27% from 2024
    • Futures OI = 84,791 (down 7.91%)
    • Options OI = 13,870 (up 159.25%)

Contract Month Open High Low Month Close Volume Open Interest
March Otahuhu 339.55 345.65 279.10 287.00 1212 1620
March Benmore 326.25 342.15 285.10 291.80 785 1213
Otahuhu 362.30 365.00 286.80 309.95 1345 1264
Benmore 343.20 360.90 265.10 287.65 1732 1176
Q1 2025 Otahuhu 243.60 244.75 223.20 225.90 144 4076
Q1 2025 Benmore 224.10 229.65 210.05 212.35 104 3101