18 Aug 2011

Wholesale power price ruling still in limbo

5:54 am on 18 August 2011

The High Court has extended its stay on a decision by the Electricity Authority to lower wholesale power prices in late March because of what it called an undesirable trading situation.

Prices spiked to $20,000 per megawatt hour due to a planned maintenance shutdown, causing an outcry and prompting 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 appealed against the authority's decision.

A hearing of the appeals is scheduled for 28 November.