The Main index has remained mostly flat this month with a 0.6% increase, however CFD and FPVV indices have gone in different directions, with a continued decline for the CFD and a spike back up for the FPVV. Theres not a lot to read into here, likely shorter CFDs taking advantage of lower winter 2026 risk.

The weather in February has remained unstable across the country, with flooding in several places on the east coast, however the west coast and the hydro lakes in particular have seen more "normal" conditions with lower inflows. Lakes are still in good condition though, with Pukaki still basically full.

The big story this month has been the long-awaited announcement from the Coalition Government about an LNG import terminal proposed for Taranaki. As expected, we have already seen some interesting debate and perspective from those in and around the industry.

How it will practically effect energy prices for generators and consumers remains to be seen, but the announcement highlights the importance of energy and the transition to renewables in this year’s general election.