19 Jul 2011

Authority continues with price cut steps

2:19 pm on 19 July 2011

The Electricity Authority says it's continuing to take steps to reset wholesale prices after a spike in late March, despite court action.

Prices reached almost $20,000 per megawatt hour on 26 March due to a planned maintenance shutdown.

The price surge caused an outcry and prompted the authority to reset prices at $3000 per megawatt hour to maintain the integrity of the market.

Bay of Plenty Energy, Todd Energy, Contact Energy and Genesis Power have appealed against the authority's decision.

The authority says decision remains in effect pending the outcome of the appeals, and its pricing manager and clearing manager are continuing to take steps to implement it.