Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Power Price Rise in May With Wintry Weather

Electricity Price’s Rise in May as Wintry Weather Hits.

The recent cold snap had New Zealanders clamouring for their heaters, which contributed to a significant rise in average wholesale electricity prices. Demand for electricity in May was around 3.5% higher than this time last year and around 4.5% higher than in April.

Wintry weather over much of the country in the latter half of the month saw snow fall rather than rain. Consequent low inflows into the country’s main hydro lakes meant national storage levels continued to drop. At the end of May national storage was at 1,859 GW/h, 63% of the average for that time of year, with South Island storage at 64% of average.

Although monthly average prices at the two reference point locations fell at the beginning of May reflecting mild weather, the cooler temperatures of the last two weeks of the month and low inflows saw prices climb considerably.

Key North Island generation was out for a planned maintenance inspection during part of May, contributing to the wholesale price increase. The North Island continued to supply electricity to the South during certain times and this, combined with South Island transmission constraints, also affected prices.

Benmore, the South Island reference point, showed an increase in the average monthly price to 7.45 c/kWh in May, up from 6.46 c/kWh in April. The lower North Island reference point at Haywards recorded a similar price increase to 7.55 c/kWh, up from April’s figure of 6.74 c/kWh. The average price at Otahuhu, the reference point for the upper North Island, also rose to 7.39 c/kWh from 6.73 c/kWh in April.
-ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO:

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO: