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Long-dated forward prices (i.e. for contracts maturing more than six months ahead) have increased by over $10/MWh (or over 13 per cent) in the last six months. The last time forward prices were around these levels was six and a half years ago in July 2012. However, trade volumes were fairly low back then. The next two reports highlight a change to the treatment of Tekapo contingent storage in the hydro risk curve framework (that came into effect 29 August 2018) and increased Tiwai demand.