Media release: An upside to fewer beach days

15 February 2017

While parts of New Zealand had a record low number of beach days this January, the slow start to summer is showing up positively in the Electricity Authority’s hydrology graphs.

“The hydro lakes are tracking well above average storage levels for this time of year” reports Electricity Authority Chief Executive Carl Hansen

“Such a high level of hydro storage for the start of 2017 means more expensive generation may not have to operate as often, and is currently leading to low prices for wholesale electricity contracts for 2017. Now is a very good time for consumers to look for electricity retailers offering sharp prices which will help consumers to save money on their power bill.”

“The high lake levels also enables New Zealand to maximise its use of renewable resources, and goes some way towards making up for the poor summer weather we are having” says Mr Hansen.

Fewer long, hot days at the beach and the efficient working of our wholesale and retail electricity markets could see us all benefit from a bit of summer rainfall.

Total controlled Hydro-catchment storage February 2016 – January 2017

ASX Forward curve as at January 2017

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