In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of March averaged $57.67 at Haywards.

Overall New Zealand storage reduced by 5% to 65% of maximum capacities. March produced some wild weather patterns, with damaging flooding hitting the top of the North Island. However, the majority of the rain failed to fall in significant volumes in the main hydro catchment areas. NIWA reports a ‘remarkably warm, dry and sunny month overall’, with severe soil moisture deficits in Central Otago.

The new 45MW gas turbine at Southdown increased the volume of generation to 170MW from the end of the month, whilst production from the new E3P unit at Huntly continues to ramp up as evaluation of the new plant continues.

Spot Market Prices

The Spot Market averaged $57.67 at Haywards for March 2007, a significant increase from $41.10 for February 2007.

Prices continued to increase this month, as hydro dam levels continued to fall. Half-hour spot prices at Haywards (per MWh) ranged from a high of $95.99 for period 39 on 19 March, to a low of $0.51 for period 8 on 17 March.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for March for New Zealand were above average for only 5 days of the month. Overall South Island storage declined from 73% to 68% of maximum capacity, whilst North Island storage improved from 58% to 53%.

The overall NZ level declined from 70% to 65%.

National Storage

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

NZ Storage and Minzone
October 2006 to December 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.