Power price slides as hydro lakes fill

New Zealand wholesale spot power prices fell by more than half in the past week as hydro lakes filled to the brim.

Prices at the North Island reference point of Haywards fell 52 per cent to an average $22.81 per megawatt hour (MWh), and at the South Island reference point of Benmore prices were 58 per cent lower at an average $20.06 per MWh.

It was the fourth consecutive week that prices had fallen sharply as hydro lakes continue their recovery from 16-year lows.