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Increased storage and reduced demand lowers prices

Increased storage and reduced demand lowers electricity prices

The average price for December at the Haywards reference node was 4.58 c/kWh, down from November's average of 4.85 c/kWh. Benmore, the South Island reference node, also decreased from 4.36 c/kWh in November to 4.15 c/kWh in December.

Otahuhu, a typical upper North Island reference node, decreased to an average of 4.94 c/kWh in December from 5.41c/kWh in November.

The lowest price at each of the three reference nodes was 0.00 c/kWh, which occurred in some trading periods with very low demand

Hydro storage levels ended the month at 2% above average for that time of year, having increased from 2464 GWh on 1 December to 2955 GWh on 31 December. The December inflows of 2706 GWh were 1% above average for the month.

Average daily demand in December was 95.871 GWh, a drop from the November level of 99.249 GWh. However, demand for the month was 3% higher than the December 2002 figure of 92.972 GWh due to load growth.

All key generation stations were available throughout December with the exception of Otahuhu B, which was out for planned maintenance from Christmas Eve.

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