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Electricity prices decrease in May

17 June 2004

Electricity prices decrease in May

High inflows into the key hydro catchments contributed to a decrease in electricity prices in May. Lake storage levels increased 9% between 30 April and 31 May, and peaked at 3889 GWh on 15 May. Total inflows for the month were 121% of the total average May inflows. On 31 May, total New Zealand storage stood at 3618 GWh, 29% above average for that time of year.

The average price for May at the Haywards reference node was 4.42 c/kWh, down from the April average of 4.63 c/kWh. The average price at Benmore, the South Island reference node, also decreased from 4.42 c/kWh in April to 4.26 c/kWh in May. Prices at Otahuhu, the upper North Island reference node decreased from 4.57 c/kWh in April to an average of 4.55 c/kWh for May.

As a result of the favourable hydro situation, flows across the inter-island link were mostly northward in May. Southward flows did occur, mainly in the first third of the month in the early morning trading periods. Average daily demand for May was 105.1 GWh, a 1.7% increase on April’s 103.3 GWh.

ENDS

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