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

 

Average Wholesale Electricity Prices Remain Low

6 August 2002

Average Wholesale Electricity Prices Remain Low

Wholesale electricity prices remained unseasonably low for much of July, but were affected by nationwide price spikes later in the month as demand increased and rainfall eased, causing declining storage in the hydro lakes.

The healthy inflows into the country’s main hydro lakes characteristic of the last couple of months petered out in mid-July, affecting national storage. Storage was 109% of average (2,573 GWh) at month’s end, 17% lower than the end of June, but still 94% higher than the same time last year.

Lakes Tekapo and Pukaki were down from the previous month to 65% and 58% full respectively at the end of July, while Lake Taupo’s storage had decreased slightly to 74% full.

July’s low prices saw the Must Run Dispatch Auction used for the first time since February.

Generators bid into the auction for the right to offer generation to the market at $0, to ensure they are dispatched. The Must Run Dispatch Auction has previously only been active during the Christmas/New Year period, when demand and prices are typically at their lowest.

The average half-hour wholesale electricity price for the South Island reference point, Benmore, was 3.22 c/kWh in July, a significant decrease on 4.71 c/kWh the previous month. Haywards, the North Island reference point, recorded 3.31 c/kWh, down from 4.73 c/kWh in June. Otahuhu, often used as an indicator of upper North Island prices, decreased to 3.38 c/kWh, from 4.58 c/kWh in June. -ends- 87

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>