After taking a large jump up last month, the index fell sharply this month, with both CFD and FPVV prices contributing to the fall, although there was only one CFD in the index this month which brings with it the possibility that it could be an outlier in terms of its relatively low price.

Hydro storage rose over the last month, which led to a fall in futures prices and presumably to the fall in OTC contract prices that make up the index.

After months of settled weather, the storms are now regularly arriving from the west, bringing rain and snow into the hydro catachments. Another rain event is developing for early next week, potentially bringing lake levels back to expected levels for this time of year. Which suggests that contract prices could ease further over the next few weeks.