In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of May averaged $59.14 at Haywards.  Overall New Zealand storage fell 6% to 84% of maximum capacity.

The month of May saw a national demand grow substantially, with a number of severe weather patterns bring low temperatures to both islands. As a result, peak prices in the North Island were significantly affected by the constraint in the HVDC link (the high voltage direct current line from Benmore in the south to Haywards in the north). Price spikes occurred regularly at North island nodes, in particular around the evening peak. There were 17 days in the month where there was at least one half-hour peak spot price at the Haywards node in excess of $100/MW, with the evening peak averaging $186.92 and the morning peak averaging $177.59.

Spot Market Prices

The Spot Market averaged $59.14 at Haywards for May 2009, a minor increase from $53.47 for April 2009. Half-hour spot prices at Haywards were volatile this month, with a high of $6,030.13 for period 16 on the 19th of May (provisional pricing, subject to outcome of Undesirable Trading Situation assessment by the Electricity Commission), and a low of $0.01 for numerous periods throughout the month.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for May for New Zealand were above average for 14 days of the month.  Overall South Island storage fell 8% to 95% of maximum capacity, whilst North Island storage rose 4% to 35% of maximum capacity.

The overall NZ level fell 6% to 84% 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.