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Wholesale energy prices were much higher in winter in 2017 than in 2016. This was due to low inflows from March to July into South Island catchments and record low inflows into the Waiau catchment that feeds Meridian's Manapouri power station. By comparison, 2012 also had low South Island inflows, although this situation occurred earlier in the year and resulted in wholesale prices reaching a similar level. More information is in the historical hydro risk curves.