Energy squeeze just gets tighter

Falling levels at hydro lakes like Pukaki are just one reason energy prices are soaring. (Image: NZME)

Fri, 26 Jul 2024

The energy squeeze is tightening, with near-term wholesale electricity futures going above $400 a megawatt hour and gas trading at prices 400% above where they were a year ago.Transpower said that last week, average wholesale electricity prices remained high, with the average wholesale price at Ōtāhuhu increasing from $332 a megawatt hour (MWh) to $368/MWh.“The North Island and South Island reference prices are about three times higher than they were this time last year. High average prices are in line with low hydro storage, highly price...

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