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Average Wholesale Electricity Prices Stable

Average Wholesale Electricity Prices Stable

Wholesale electricity prices remained reasonably stable during August, increasing only slightly on July’s average prices.

The average half-hour wholesale electricity price for the South Island reference point, Benmore, was 3.37 c/kWh in August, up on 3.22 c/kWh the previous month. Haywards, the North Island reference point, recorded 3.46 c/kWh, compared to 3.31 c/kWh in July. Otahuhu, often used as an indicator of upper North Island prices, increased to 3.53 c/kWh, from 3.38 c/kWh in July.

While lake levels fell during early August, significant rainfall in the middle of the month saw storage in the main hydro lakes increase sharply. At month’s end storage was a healthy 123% of average (2,564 GWh). Lakes Tekapo and Pukaki were 61% and 62% full respectively at the end of August, while Lake Taupo’s storage had decreased to 58% full.

Bids into the Must Run Dispatch Auction ceased early in the month, indicating that participants were confident prices would not fall to $0 during off-peak periods. The Must Run Dispatch Auction is typically only active during the Christmas/New Year period, when prices are usually at their lowest due to lower demand and over-supply.

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