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Hydro storage in the North Island increased by 11% but declined by 6% in the South Island. Current levels for the North and South Islands are 51% and 83% of average respectively, placing upward pressure on market prices. Nationally weekly demand climbed 1.6% to 816 GWh from 803 GWh.
South Island hydro storage has been declining steadily since the middle of May, primarily due to a dry sequence over the last 4 weeks. South Island inflows historically average around 400 GWh per week this time of year, but since mid-May have been sitting in the ~250 GWh range.
At a national level storage is still substantially above the watch curve. Thermal fuel supply remains healthy and appears less constrained than in recent years. No simulated storage trajectories currently cross the emergency risk curves. Taranaki Combined Cycle began operating last week. Based on previous offer behaviour we expect to see this continue for the Winter period. All thermal generation aside from Whirinaki is now consistently running.
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