Futures signal higher power prices for longer

Mon, 07 Sep 2020

Electricity futures prices jumped last week amid sliding hydroelectric storage, reduced gas supplies and below-average South Island snowfall. While peak winter demand is behind us, the rise in futures prices suggests electricity retailers, generators and major users are expecting wholesale power costs to remain high until the end of the year. December-quarter North Island electricity futures settled at $133.50 a megawatt-hour on Friday, up $20 in a week. The October month contract jumped to $150.35/MWh, up $26 in a week, and the November...

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