The index fell this month by almost 7% to the lowest value since May of 2022. But the FPVV index fell while the CFD index rose. There is one FPVV contract this month which is for exactly 10 years, in the Islington (upper South Is) region at a fixed price of $98.51/MWh (after adjustments required when entering the contract data into the electricitycontract.co.nz web site). This one contract, which is for an average of 14 MW, contributes 58% of the value of the index, as the index is quantity-weighted. The price on this 10-year contract is also around 30% lower (on average) than the other contracts making up the index, so its weighting pulls the FPVV index down, as well as the overall index.