In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of January averaged $82.28 at Haywards.

Overall New Zealand storage remained constant at 61% of maximum capacities.  Despite this, spot prices were elevated markedly in the last 10 days of the month, as plant outages in the North Island and constraints on the DC link causes supply shortages in the north.  The unexpected closure of the New Plymouth station due to the discovery of Asbestos, combined with a planned 8-week outage at TCC, and the Huntly Station at only 30% of capacity due to overheating of the Waikato River have all contributed to prices that have topped $850/MW in 5-minute trading.

Spot Market Prices

The Spot Market averaged $82.28 at Haywards for January 2008, a significant increase from $57.71 for December 2007.

Half-hour spot prices at Haywards were somewhat volatile, from a high of $777.80 for period 23 on 31st January, to a low of $29.43 for periods 7-9 on the 15th of January.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for January for New Zealand were above average for only 3 days of the month.  Overall South Island storage increased from 60% to 63% of maximum capacity, whilst North Island storage fell from 67% to 53%.

The overall NZ level remained constant at 61%.

National Storage

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

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.