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

 

Declining storage levels fuel rising prices


Declining storage levels fuel rising electricity prices in April

Average wholesale electricity prices increased over April, as hydro generators continued to conserve water ahead of peak winter demand. The scheduled maintenance shutdown of the gas-fired 375 MW Taranaki Combined Cycle (TCC) station, also contributed to the upward pressure on prices. TCC went offline on April 11 and is expected to be out of service until mid-May

Inflows into key hydro catchments were below average in April, contributing to total storage levels declining by approximately 24% over the month. At month's end, national storage was 60% of average for this time of year, compared with 90% of the average at the end of April 2002.

The national average daily energy demand for the month was approximately 94,604 megawatts, which was down 2.5% on March and 2.7% lower than in April 2002. On April 8, the Winter Power Task Force asked for a 5% reduction in demand, which was later revised upwards to a 10% savings target.

Much of the country experienced extremely low rainfall in April. Most of the South Island west coast and some alpine areas had only a third of their average rainfall for the month. The national average temperature during April was 12.9°C, 0.4°C below the 1961-90 normal (source: NIWA)

The average half-hour wholesale electricity price for the South Island reference point, Benmore, increased to 19.91 c/kWh in April, up from 14.92 c/kWh the previous month. Haywards, the North Island reference point, recorded 20.41 c/kWh, an increase from 15.43 c/kWh in March. Otahuhu, which is used as an indicator of upper North Island prices, increased to 20.22 c/kWh from 16.04 c/kWh in March.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Department Of Conservation: Beech Mast On The Cards After Warm Summer

Climate modelling shows this year’s hot March has increased the chance of beech forest seeding next summer in parts of New Zealand, which could be bad news for native wildlife. The Department of Conservation (DOC) uses data from NIWA’s virtual climate ... More>>

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Geo40: Global Plans To Recover Low-Carbon Lithium At Scale Accelerated By Investment Of Up To $7.5m By Pacific Channel

New Zealand’s leading sustainable, mineral-recovery company, Geo40 Limited has secured up to $7.5m in equity investment from New Zealand deep-tech specialist Venture Capital firm Pacific Channel to fast-track plans to develop its nascent lithium-from-geothermal-fluid ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>