A fundamental requirement of competitive and efficient electricity markets is access to reliable data and performance metrics.
This Electricity Market Information website (EMI) is the Electricity Authority's avenue for publishing data, market performance metrics, and analytical tools to facilitate effective decision-making within the New Zealand electricity industry.
The long-dated forward price (i.e. for contracts maturing more than 12 months ahead) has increased by almost $30/MWh (approximately 40 per cent) in the last six or so months. Forward prices at this level are unprecedented in the New Zealand electricity sector, although six and a half years ago in July 2012 it got up to almost $90/MWh. 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.
National controlled storage remains slightly below average for January. Pohokura production will drop again in February reducing available fuel to thermal plant. The system operator adjusted the treatment of Tekapo summer contingent storage (denoted as 1 October – 31 March) so that from 29 August 2018 it is excluded from the HRC framework. This change removes 220GWh from controlled storage over summer for New Zealand and the South Island. Each update to the 2019 HRCs is presented in a public dashboard on EMI. Official curves and more information on security of supply forecasting is available on the system operator's website.
Late in 2018 New Zealand Aluminium Smelters restarted the fourth potline at Tiwai Point after securing supply for an additional 50 MW of electricity through to December 2022 from Meridian. The potline was last in operation back in 2012. The daily energy demand at the Tiwai node has increased by more than seven per cent reflecting this change in operation.