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 30 June 2015

Quarterly Highlights

• Electricity demand up 2.5% reflecting growth across all sectors

• Annual hydro generation down 170GWh compared to FY2014 – lowest in the Company’s history

• Flat energy price for the quarter, slightly down year on year

COMMENTARY

TREND OF DEMAND GROWTH CONTINUES; ASX PRICES FALL

Demand for electricity increased 2.5% during the three months to 30 June 2015 compared with the same period last year. After adjusting for lower temperatures, demand for the quarter is estimated to have increased 1.8%, reflecting growth across all sectors (dairy processing 0.6%, rural 0.5%, urban 0.4%, industrial 0.1%, and South Island irrigation 0.01%). The trend of thermal capacity rationalisation continued with the confirmation from Genesis on 29 June that it would be permanently retiring a second 250MW Hunty coal/gas unit.

Despite these trends, ASX futures prices were down by $18.25/MWh for FY2016 and $6.73/MWh for FY2017 since the end of March reflecting a recovery in national hydro storage during the fourth quarter of FY2015, decreased perceived dry-year risk priced into future years, and the on-going speculation about the level of future demand from Tiwai Point aluminium smelter.

HYDRO UP 6% FOR THE PERIOD, BUT DOWN 170GWh FOR THE FULL YEAR

Hydro production was 864GWh for the period, up 6% on pcp, with inflows for the quarter being 112% of average – the first quarter in two years that there has been inflows at or above average into the Waikato catchment. Despite higher inflows for Q4, inflows for FY2015 were just 85% of average and hydro generation for the FY2015 year was the lowest in the Company’s history.

Total generation for the quarter was up 147GWh on pcp, with geothermal generation increasing by 54GWh to 723GWh. This was mainly due to higher production from both Nga Awa Purua and Ngatamariki – with increased fuel availability at Ngatamariki from a new well commissioned in October 2014. The increase on pcp at Nga Awa Purua was due to the two outages in FY2014 associated with stabilising the plant ahead of a planned outage in July/August 2015 for the rotor replacement, that will increase production at the plant.

Gas-fired generation from Southdown was up 44GWh on pcp, largely reflecting the Company’s virtual peaker contract, and the use of take-or-pay gas ahead of the station’s closure on 31 December 2015.

ENERGY PRICES FLAT FOR THE QUARTER, SLIGHTLY DOWN YEAR ON YEAR

The average electricity sales price to residential and commercial customers for the quarter was $122.22/MWh, which was consistent with pcp. The price reduced slightly from $117.70/MWh in FY2014 to $117.21/MWh in FY2015, as the Company continues to absorb annual increases in line charges for the one third of its customers on two and three year fixed-price contracts.

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

 




Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>



Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>

Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>


Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>