Rainfall provides respite in May
Average wholesale electricity prices fell considerably during May as a result of an improving hydrological situation,
the Target 10% savings campaign and the return to service of a key thermal power station (the Taranaki Combined Cycle
thermal power station resumed generation on 17 May).
The average half-hour wholesale electricity price for the South Island reference point, Benmore, decreased significantly
to 12.64 c/kWh in May, down from 19.91 c/kWh the previous month. Haywards, the North Island reference point, recorded
12.76 c/kWh, a decrease from 20.41 c/kWh in April. Otahuhu, an indicator of upper North Island prices, also decreased
considerably, reducing to 12.25 c/kWh from 20.22 c/kWh in April.
Average daily power consumption was 95,480 megawatts during May, which was 6% lower than demand levels in May 2002. The
Target 10% savings campaign, introduced by the Winter Power Taskforce, and unseasonably mild temperatures have helped
keep demand levels low. The May national average temperature of 11.6°C was 1.1°C above normal, the warmest since May
2000 (source: NIWA).
Inflows into the major hydro catchment areas in May were well above average, with total inflows at 115% of the average.
Total New Zealand storage also improved, from 61% of average on 1 May to 80% on 31 May.