In this issue:

• Spot Market Commentary
• Spot Market Prices
• Hydro Storage

Spot Market Commentary

Spot market prices for the month of March averaged $128.87 at Haywards.

Overall New Zealand storage fell 4% to 53% of maximum capacities. There is little rain forecast for the month of April, with North Island hydro schemes hitting record low levels for this time of year. Spot prices were markedly high due to ongoing constraints in the North Island and on the DC link. This was exacerbated by the on-going lack of rain in North Island hydro catchment areas. The reserve generator at Whirinaki (155MW) ran for 11 days during the month, averaging almost 700MW total generation per day on those days. This generator only kicks in when the average dispatch price for a 4 hour period is $200/MWh or greater.

Spot Market Prices

The Spot Market averaged $128.87 at Haywards for March 2008, a minor decrease from $137.85 for February 2008.

Half-hour spot prices at Haywards were somewhat volatile, from a high of $269.59 for period 16 on 26th March, to a low of $0.41 for period 10 on the 3rd of March.

Spot Price Statistics

Average Daily Prices

Average Half Hour Prices

Hydro Storage

Inflows for March for New Zealand were above average for only the first 4 days of the month.  Overall South Island storage fell 3% to 60% of maximum capacity, whilst North Island storage fell from 33% to 22%.

The overall NZ level fell 4% to 53% of maximum capacity.

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.