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 March 2015

Quarterly Highlights

• National demand for electricity up 2%

• ASX FY2017 futures price up $6/MWh since December

• Taupo storage 80GWh higher than last year

Demand growth and reduced thermal capacity; ASX Futures price up

During the quarter ended 31 March 2015, FY2017 ASX futures prices were up $6/MWh reflecting balance between supply and demand from an energy perspective. Electricity demand increased against the prior comparable period (pcp) for the third consecutive quarter, with national consumption up 2%, in part due to the increased electricity usage in irrigation and milk processing. The trend of reduced thermal capacity continued with Mighty River Power announcing the planned closure of its gas-fired station, Southdown, on 31 December 2015.

Despite these trends, and declining national hydro storage, wholesale prices during the period were lower than Q3 last year due to additional renewable generation from Contact’s Te Mihi geothermal plant and Meridian Energy’s Mill Creek wind farm, the return to service of Genesis Energy’s Tekapo hydro following canal repairs in the pcp, and thermal generation from Huntly.

Lake Taupo Storage 80GWh higher than same time last year

Following another quarter of low rainfall, Lake Taupo storage ended the period at 75% of average. However average rainfall since the end of March, combined with the decision to conserve water, leaves the Company well-positioned with storage 80GWh higher than last year and 84% of average (compared with 51% at the same time last year). By contrast, South Island storage dropped to 67% of average at the end of March.


Mighty River Power’s hydro generation was 707GWh (down 126GWh on pcp), 21% below the Company’s Q3 average and a record low for the third quarter since the Company was formed in 1999. This was partly offset by higher gas-fired generation, principally reflecting 65GWh of generation from the Company’s virtual peaker contract.

Advanced Meter Deployment
The Company’s metering business, Metrix, deployed 10,000 AMI advanced meters during the quarter, as mass deployment was completed in a number of networks. Metrix’s primary focus remains on systems development and integration to prepare for advanced metering service delivery and the deployment of advanced meters to Trustpower’s residential customers.


Mighty River Power will release its financial results for the 12 months ended 30 June 2015 on 28 August 2015.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


International Business Forum: NZ EU FTA Coming Down To The Wire – Hold The Line

As negotiations accelerate to conclude an ambitious free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), representing a cross section of major exporters... More>>


MBIE: NZ space sector set to star in Moon mission
The New Zealand space sector is set to star in NASA’s CAPSTONE moon mission – with Rocket Lab launching a satellite to the Moon from New Zealand in June, and the lift-off of a separate NASA-NZ lunar research project... More>>



Air New Zealand: Relaunching 14 International Routes In 16 Days

Air New Zealand is gearing up for the busiest July in two years with the relaunch of 14 international routes in 16 days... More>>


Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>

BusinessNZ: NZ Economy - Prevailing Headwinds
The latest BusinessNZ Planning Forecast reveals business and consumer confidence is low, with factors at home and abroad hampering our recovery... More>>