In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of March averaged $39.02 at Haywards. Overall New Zealand storage fell 7% to 76% of maximum capacity.

The month of March was summarised by NIWA as being “Extremely dry and very sunny for much of the country…”, with record low rainfall in large parts of the lower North Island and South Island, and well below normal for the remainder of the country. Spot prices this month were settled, and indicative of constant levels of demand, settled warm weather and minimal impacts from constraints in the grid. The ongoing constraint in the DC link between North and South Islands is indicated by the comparative drop in lake levels in the two islands, with North Island hydro storage falling significantly on the back of low inflows and an ongoing outage at Otahuhu.

Spot Market Prices

The Spot Market averaged $39.02 at Haywards for March 2009, a minor increase from $41.08 for February 2009. Half-hour spot prices at Haywards were less volatile this month, with a high of $499.08 for period 44 on the 20th of March, and a low of $0.04 for period 9 on the 9th of March.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for March for New Zealand were above average for 7 days of the month. Overall South Island storage fell 4% to 84% of maximum capacity, whilst North Island storage fell 16% to 44% of maximum capacity.

The overall NZ level fell 7% to 76% of maximum capacity.

National Storage

The NZ storage level currently sits above the EC Operational Minzone and the average storage level:

Disclaimer: The information contained in this document is based on information that has been provided to Mighty River Power Limited or its related companies by third parties and is intended for general reference only. Whilst every effort has been made to ensure the accuracy and completeness of the information contained in this document, this document is provided on the basis that neither Mighty River Power Limited nor any of its related companies make any representation or warranty as to the accuracy or completeness of the information contained in this document. Neither Mighty River Power Limited nor any of its related companies shall be liable for any losses, damages, costs or expenses suffered or incurred by any person who elects to rely on the information contained in this document.