Highlights

• National storage levels remain below seasonal average.
• The national average temperature for June was 8.2 °C. This was 0.3 °C below seasonal average, and the lowest for June in a decade (7.8 °C in 1996).
• Spot prices were firm in June due to higher reliance on thermal plant operation

Spot Market Prices

As hydro generators continue to take a conservative approach to the current national storage situation there has been an increase in thermal generation, as such prices through June firmed.

45% of prices were higher than 8.00 c/kWh and within a tight range, with 76% of prices between 7.00 c/kWh and 10.00 c/kWh.

Average Daily Prices

Hydrology

National Storage

The trend of lower than expected seasonal hydro inflows in the South Island (71% of normal) has resulted in the South Island storage being now at 84% of historical levels.

North Island storage is at 91% of historical average.

Outlook

The rolling one year price continues to move higher and now stands at 4.97 c/kWh up 0.25 c/kWh. Prices in July are expected to remain firm as hydro generators continue to manage hydro storage levels in line with a continuation of recent inflow patterns.

Disclaimer: Every effort has been made to ensure the accuracy of the above information, but no liability is accepted for any error or omission.