48203 (2024). Hon Dr Megan Woods to the Associate Minister for Energy

48203 (2024). Hon Dr Megan Woods to the Associate Minister for Energy: Does he stand by his statement on RNZ on the 8th of August “New Zealand last week had the highest spot energy prices in the Western world” and if so by what advice, by title and date is this statement based on?

Hon Shane Jones: Yes, this statement reflects the reality that many of our biggest industrials are facing regarding wholesale electricity prices. Average wholesale electricity prices for the week to 4 August were $556/MWh and peaked at $959/MWh at Invercargill on 3 August. In the following week, to 11 August, average wholesale electricity prices were $808/MWh, peaking at close to $1,750/MWh at Stoke on 7 August. In July 2024, the International Energy Agency (IEA) released its 'Electricity Mid-Year Update' which includes analysis of quarterly average wholesale prices across a number of countries. Comparing this against New Zealand's average wholesale prices shows that average quarterly wholesale prices in New Zealand to the quarter ending 30 June 2024 were roughly $150/MWh greater than prices across OECD economies.