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New Zealand Electricity Market Wrap
February 2026
- Over the month of February, ASX Otahuhu calendar year 2027 swap price moved down $14.84 to finish the month at $157.50. This is a price separation of -$11.74 from the next calendar year 2028.
- Over the month of February, ASX Benmore calendar year 2027 swap price moved down $13.33 to finish the month at $138.88. This is a price separation of -$14.51 from the next calendar year 2028.
- Total traded volume equaled 80,655 lots which is equivalent to 14.2271 million MWh.
- The daily average traded volume was 4,245.00 lots and total trade volume is up 88.30% from 2025.
- Total Open interest is 151,461 lots, up 56.51% from 2025
- Futures OI = 105,996 (up 25.60%)
- Options OI = 45,465 (up 267.25%)
| Contract | Month Open | High | Low | Month Close | Volume | Open Interest |
| February Otahuhu | 75.35 | 93.05 | 51.15 | 51.15 | 2075 | 2493 |
| February Benmore | 41.90 | 55.90 | 31.00 | 36.05 | 2838 | 2373 |
| Otahuhu | 131.00 | 166.05 | 117.40 | 123.95 | 3045 | 2175 |
| Benmore | 104.00 | 144.95 | 91.20 | 105.80 | 2960 | 1803 |
| Q1 2026 Otahuhu | 70.00 | 87.55 | 59.20 | 60.00 | 1803 | 5880 |
| Q1 2026 Benmore | 49.50 | 67.95 | 41.75 | 48.30 | 1931 | 4588 |