MRP
23/04/2015 08:32
QUARTER
PRICE SENSITIVE
REL: 0832 HRS Mighty River Power Limited (NS)
QUARTER: MRP: Quarterly Operating Update
Quarterly Operating Update for the three months ended 31 March 2015
- National demand for electricity up 2%
- ASX FY2017 futures price up $6/MWh since December
- Taupo storage 80GWh higher than last year
Demand growth and reduced thermal capacity; ASX Futures price up
During the quarter ended 31 March 2015, FY2017 ASX futures prices were up
$6/MWh reflecting balance between supply and demand from an energy
perspective. Electricity demand increased against the prior comparable period
(pcp) for the third consecutive quarter, with national consumption up 2%, in
part due to the increased electricity usage in irrigation and milk
processing. The trend of reduced thermal capacity continued with Mighty River
Power announcing the planned closure of its gas-fired station, Southdown, on
31 December 2015.
Despite these trends, and declining national hydro storage, wholesale prices
during the period were lower than Q3 last year due to additional renewable
generation from Contact's Te Mihi geothermal plant and Meridian Energy's Mill
Creek wind farm, the return to service of Genesis Energy's Tekapo hydro
following canal repairs in the pcp, and thermal generation from Huntly.
Lake Taupo Storage 80GWh higher than same time last year
Following another quarter of low rainfall, Lake Taupo storage ended the
period at 75% of average. However average rainfall since the end of March,
combined with the decision to conserve water, leaves the Company
well-positioned with storage 80GWh higher than last year and 84% of average
(compared with 51% at the same time last year). By contrast, South Island
storage dropped to 67% of average at the end of March.
Mighty River Power's hydro generation was 707GWh (down 126GWh on pcp), 21%
below the Company's Q3 average and a record low for the third quarter since
the Company was formed in 1999. This was partly offset by higher gas-fired
generation, principally reflecting 65GWh of generation from the Company's
virtual peaker contract.
Advanced Meter Deployment
The Company's metering business, Metrix, deployed 10,000 AMI advanced meters
during the quarter, as mass deployment was completed in a number of networks.
Metrix's primary focus remains on systems development and integration to
prepare for advanced metering service delivery and the deployment of advanced
meters to Trustpower's residential customers.
Mighty River Power will release its financial results for the 12 months ended
30 June 2015 on 28 August 2015.
ENDS
For further information:
David Glendining
Head of Communications
T 0272 105 337
Anna Hirst
Head of Investor Relations
T 0275 173 470
End CA:00263451 For:MRP Type:QUARTER Time:2015-04-23 08:32:19
