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

 


Mighty River Power Quarterly Operational Update

Mighty River Power Quarterly Operational Update


Three months ended 31 December 2015

Quarterly Highlights

· 98% geothermal availability led to the highest geothermal generation for a quarter in the Company’s history

· 10% increase in hydro generation despite weak inflows

· 2% increase in LWAP/GWAP reflecting a reduction in relative hydro yields due to muted wholesale price volatility


GEOTHERMAL AND HYDRO GENERATION UP; WHOLESALE PRICES DOWN

The quarter to 31 December 2015 reflected strong geothermal performance as Mighty River Power had its highest-ever quarter of geothermal generation, up 12% on the prior comparable period (pcp), to 728GWh. This high geothermal generation reflected 98% availability of the Company’s geothermal plants during the quarter.

The period also saw a 10% lift in hydro generation, up 81GWh on pcp to 907GWh. The wet winter turned into a dry spring in the catchment with quarterly inflows being the seventh lowest based on history since 1927. The quarter ended with storage in Lake Taupo of 387GWh, 67% full and 89% of average.

National hydro storage was above average for most of the quarter, leading to lower wholesale electricity prices. The price the Company received for generation was down 13% on pcp to $67.91/MWh. Relative hydro yields (GWAP) also fell versus pcp contributing to an increase in LWAP/GWAP by 2% to 1.03. This was due to a flatter generation profile in response to lower wholesale price volatility.

There was a significant decrease in thermal generation for the period as the Company prepared its Southdown station for closure on 31 December 2015. Mighty River Power’s electricity generation is now 100% renewable.

NATIONAL DEMAND GROWTH CONTINUES - RECORD FOR Q2; ASX PRICES LIFT

National demand for electricity rose to the highest level for Q2 on record, up 0.9% compared with the same period last year (adjusted for temperature). This is the sixth consecutive quarter where demand has increased on pcp, with a reduction in demand from urban centres being more than off-set by increases across dairy, irrigation, industrial and rural centres.

Throughout the quarter, ASX futures prices increased for each year from FY16 to FY18. This continuation of an upward trend increases the attractiveness of commercial yields, which tend to track the ASX futures.

ENERGY PRICES DOWN 1.5%; VOLUMES DOWN 7%

A reduction in overall customer sales volumes reflects the highly competitive market across both residential and commercial. The average electricity price to customers was $110.94/MWh, lower than pcp. This was due to additional discounted offers to customers and Mighty River Power absorbing increases in lines and transmission costs for its customers on fixed-price contracts.


Mighty River Power will release its financial results for the six months ended 31 December 2015 on 23 February 2016.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news