September Electricity Prices Similar To August
Average wholesale electricity prices in September were similar to those reported in August, however prices spiked slightly higher in the middle of September and trended down at the end of the month.
Prices were high in mid-September because transmission lines neared maximum capacity between Tokaanu and Whakamaru and on the HVDC linking the North and South Islands. In particular, high prices in the upper North Island occurred during peak periods because of transmission constraints.
Prices fell towards the end of September due to increased inflows into the hydro lakes of both islands. During the month the wholesale price was lowest in the South Island, where an above average level of water in the hydro lakes, combined with above average inflows, resulted in prices substantially lower than those recorded in the north of the country.
Benmore, the South Island reference point, recorded an average monthly price of 3.01 c/kWh in September. In contrast, the average monthly price for Haywards, the lower North Island reference point was 3.38 c/kWh, and prices were even higher in the top half of the North Island, which recorded 4.68 c/kWh.
At the end of July, South Island storage was 2,506 GWh, 158% of the average for this time of year. National storage was at 2,804 GWh, which is 134% of the average for this time of year.
For further information, please
Philip Bradley, Chief Executive
Ph 04 473-5240 (bus), 025 916-186 (mobile)
Prices represent the North Island reference point, Haywards, and the South Island reference point, Benmore