Energy Link Limited 27/02/2017

Prices: Key (Week Difference)

>= 10%

26-Feb-17 19-Feb-17 Change 26-Feb-17 19-Feb-17 Change >= 5%

Average Prices 47.03 43.32 9% 50.13 46.38 8% >= 0%

Ratio Day/Night 1.19 1.45 -18% 1.21 1.48 -18% <= -5%

Ratio Week/Other Day 1.21 1.35 -10% 1.22 1.36 -10% <= -10%

26-Feb-17 19-Feb-17 Change 26-Feb-17 19-Feb-17 Change

Average Prices 50.75 46.84 8% 56.97 52.93 8%

Ratio Day/Night 1.23 1.49 -18% 1.30 1.57 -17%

Ratio Week/Other Day 1.22 1.37 -11% 1.24 1.41 -12%

26-Feb-17 19-Feb-17 Change 26-Feb-17 19-Feb-17 Change

Average differences 9.94 9.61 3% 3.72 3.52 6%

Provisional Prices still apply to: Sat, 00 Jan 00

Price Highlights:

Period

32

10

Maximum Ben_Hay differential 42

Maximum NI reserve price 18

Please note: Any Provisional Prices are not included in Price Highlights

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Location

Minimum nodal price

Wednesday, 22 February 2017

Tuesday, 21 February 2017

$19.53

$34.19

Maximum nodal price Kaikohe

Manapouri

Price $/MWh

$113.92

$18.81

Day

Thursday, 23 February 2017

Monday, 20 February 2017

BEN

Price Differences

ISL

HAY OTA

OTA-BEN HAY-BEN

Issue 1033Week ending 26 February 2017

South Island

North Island

A weekly review of New Zealand electricity markets compiled by Energy Link Ltd

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26-Nov 10-Dec 24-Dec 7-Jan 21-Jan 4-Feb 18-Feb

$/MWh

Benmore, Islington, Haywards and Otahuhu Daily Average Prices

Benmore 2016/17 Islington 2016/17 Haywards 2016/17 Otahuhu 2016/17Benmore 2015/16 Islington 2015/16 Haywards 2015/16 Otahuhu 2015/16

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Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

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Energy Link Limited 27/02/2017

Average Wholesale Spot Prices

Date Benmore ($/MWh) Islington ($/MWh) Haywards ($/MWh) Otahuhu ($/MWh)

Day Night Day Night Day Night Day Night

26/02/2017 44.35 28.20 47.15 41.54 47.57 29.03 53.03 30.61

25/02/2017 44.52 39.55 56.05 54.81 48.47 42.77 54.72 45.85

24/02/2017 52.39 51.86 58.23 52.88 57.20 54.49 65.52 58.30

23/02/2017 54.25 50.08 47.52 48.81 58.47 52.93 68.35 57.25

22/02/2017 44.12 46.06 62.23 47.93 49.93 48.26 57.94 52.12

21/02/2017 57.70 45.28 54.26 32.25 61.82 49.13 69.73 53.07

20/02/2017 50.66 30.55 39.94 20.09 54.95 32.29 62.79 35.02

Note: Night: 00:00 – 08:00 and Day 08:00 – 24:00

Benmore Movement Islington Movement Haywards Movement Otahuhu Movement

41.84 - 44.36 - 47.97 - 52.98 -

43.73 - 46.66 - 47.37 - 53.56 -

4 Week Moving Average Price 44.57 6.7% 47.59 6.8% 48.14 5.7% 54.32 5.2%

47.03 8.6% 50.13 8.1% 50.75 8.3% 56.97 7.6%

Weekday Day Average Price 51.82 -1.0% 52.43 -0.8% 56.47 -1.4% 64.87 -1.5%

Weekday Night Average Price 44.76 25.6% 40.39 17.7% 47.42 25.7% 51.15 23.7%

Weekend Day Average Price 44.43 15.7% 51.60 6.9% 48.02 17.2% 53.88 17.2%

Weekend Night Average Price 33.88 24.0% 48.17 29.7% 35.90 23.1% 38.23 23.1%

1.19 -17.9% 1.21 -18.1% 1.23 -17.9% 1.30 -17.0%

Weekday - Weekend Differential 1.21 -10.2% 1.22 -10.3% 1.22 -11.3% 1.24 -12.0%

Note: Movement represents difference from last week.

Storage: (as at last Thursday)

Total Storage decreased to 3818 GWh.

NI storage increased by 14% to 482 GWh while SI storage decreased by 4% to 3337 GWh.

Indicator ($/MWh)

Average January 17 Price

Weekly Average Price

Day - Night Differential

Average February 17 Price

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3600

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

GW

h

New ZealandStorage Levels

South Island: 2016/17

South Island: 2015/16

North Island: 2016/17

North Island: 2015/16

SI Last 5 Year Ave.

NI Last 5 Year Ave

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Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

Dunedin

Energy Link Limited 27/02/2017

Generation:

Average Generation Market Share1

Contact

21% (21%)1 Generation market share figures are based on SCADA data. The number in brackets represents the generation market share % from the previous week.

38% (39%) 4% (4%) 4% (5%)19% (18%) 14% (14%)MRPL Genesis Meridian TrustPower Other

NI Hydo

SI Hydro

Thermal

Co-Generation

Geothermal

Wind

New Zealand Total

-100

-50

0

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100

150

MW

Movement in Average GenerationWeek Ending 26 February 17

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1200

Waikato Huntly (excl.e3p)

OTAB Tongariro TCC Southdown Waitaki Clutha Manapouri Whirinaki e3p Wind Geothermal(Total)

MW

Average Weekly Generation30 January 17 to 26 February 17

30 Jan 17 to 05 Feb 17 06 Feb 17 to 12 Feb 17 13 Feb 17 to 19 Feb 17 20 Feb 17 to 26 Feb 17

Mighty River Genesis Contact Genesis Contact Mighty River Meridian Contact Meridian Genesis

NI Hydo15%

SI Hydro51%

Thermal9%

Co-Generation3%

Geothermal19%

Wind3%

New Zealand GenerationWeek Ending 26 February 17

** The breakdown of NZ generation is based on SCADA generation data and does not include all NZ generation

Ph (03) 479 2475

Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

Dunedin

Energy Link Limited 27/02/2017

Demand data based on un-reconciled SCADA data.

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26-Nov-16 10-Dec-16 24-Dec-16 7-Jan-17 21-Jan-17 4-Feb-17 18-Feb-17

GWh

Aggregate Daily Demand7 Day Moving Average

SI Demand NZ Demand NI Demand

-400

-200

0

200

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600

800

26-Nov-16 10-Dec-16 24-Dec-16 7-Jan-17 21-Jan-17 4-Feb-17 18-Feb-17

MW

Daily Average HVDC Transfer

HVDC North HVDC South Net Northward Transfer - 7-Day average

Ph (03) 479 2475

Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

Dunedin

Energy Link Limited 27/02/2017

ASX Electricity Futures

The Australian Securities Exchange (ASX) listed Base Load Electricity Futures, Strip Futures and Calendar year

Strip Options for two grid reference points (Otahuhu and Benmore) in the New Zealand electricity market in July

2009. The ASX New Zealand Electricity Futures contracts are cash settled using the arithmetic average of half-

hourly prices at the designated node over the period of a calendar quarter.

The two charts below display the price movements of the front quarter futures contract during the current quarter

and for the four quarters prior to the current quarter. Also shown is the volume of contracts traded, the relevant spot

price and the spot average price over the quarter during the time when each contract was the front quarter contract.

The chart to the right shows the most recent

transactions for all currently traded futures

contracts at both the

BEN & OTA nodes.

For comparison these

prices are mapped against the prices for

the same contracts four

weeks prior to the current Market Review.

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Co

ntr

acts

Tra

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$ p

er

MW

OTA Front Quarter Contracts

Volume Traded 1/03/2017 1/12/2016 1/09/2016 1/06/2016 1/03/2016 OTA Spot Spot Average over QTR

QTR 1-2016 QTR 2-2016 QTR 3-2016 QTR 4-2016 QTR 1-2017

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BEN Front Quarter Contracts

Volume Traded 1/03/2017 1/12/2016 1/09/2016 1/06/2016 1/03/2016 BEN Spot Spot Average over QTR

QTR 1-2016 QTR 2-2016 QTR 3-2016 QTR 4-2016 QTR 1-2017

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100

$/MWh

Contract Date

ASX Electricity Futures Price MovementsUpdated (24 Feb 2017)

BEN_24 Feb 17_Quarterly BEN_25 Jan 17_QuarterlyOTA_24 Feb 17_Quarterly OTA_25 Jan 17_Quarterly

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Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

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Energy Link Limited 27/02/2017

Carbon Dioxide Emissions

The chart below shows the estimated Carbon Dioxide (CO2) emissions for New Zealand's major thermal

power stations. The estimates are based on weekly generation output and assumptions on each plant's

thermal efficiency.

Note: Since 22 Feb 2016, Geothermal plant is now also included in the total carbon emissions.

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180,000

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220,000

t CO2 / GWhEstimated Weekly CO2 Emissions

Geothermal Co-Generation Huntly e3p OTAB TCC

Southdown Huntly Gas Huntly p40 Whirinaki Stratford Peaker

McKee Peaker Huntly Coal tonnes CO2/GWh

t CO2

Ph (03) 479 2475

Email: Mark.Nelson@energylink.co.nz Energy Trendz WeeklyConsultancy House

Dunedin