48439 (2024). Hon Dr Megan Woods to the Minister for Energy

48439 (2024). Hon Dr Megan Woods to the Minister for Energy: Does he agree with the statement of the Associate Energy Minister 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 Simeon Brown: Early August saw wholesale electricity prices in New Zealand be amongst the highest in the world. The average wholesale electricity prices for the week to 4 August, which the Associate Energy Minister referred to, 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, the International Energy Agency released its 'Electricity Mid-Year Update' in that report quarterly wholesale prices in New Zealand in the quarter ending 30 June 2024 were roughly $150/MWh greater than prices across the counties the OECD compared with.