In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of January averaged $25.45 at Haywards.
 
The hydro storage situation for New Zealand this month declined slightly, with overall storage reducing to 82% of maximum capacities. Rainfall was below average in many parts of the country, although the north island hydro catchments experienced strong inflows, especially in the middle of the month. The Waitaki catchment continued to improve its storage, now 92% of maximum capacity, whilst the lower South Island (Waiau) catchment has experienced below average inflows for the majority of the month.

Spot Market Prices

The Spot Market averaged $25.45 at Haywards for January 2007, a slight decrease from $26.09 for the previous month.

The monthly averages represent a significant change from the same time 12 months ago. The average price at Benmore was fully a quarter of the same period in 2006. Half-hour spot prices at Haywards (per MWh) ranged from a high of $42.35 for period 27 on 15 December, to a low of $10.46 for period 10 on 2 January.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for January for New Zealand were below average for all but 6 days of the month. Overall South Island storage declined from 85% to 83% of maximum capacity, whilst North Island storage improved from 74% to 78%.

The overall NZ level declined from 83% to 82%.

National Storage

The NZ storage level currently sits well above the EC Operational Minzone, as the following diagram illustrates:

NZ Storage and Minzone
February 2006 to June 2007

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.