7 May 2011

Genesis did damage to electricity market - EMA

7:48 am on 7 May 2011

A business group says it will take time to restore confidence in the electricity market after Genesis Energy charged wholesale prices of nearly $20,000 a megawatt hour.

The Electricity Authority has reversed the charges that were imposed following a planned maintenance shutdown on part of the national transmission grid six weeks ago.

Employers and Manufacturers Association (Northern) chief executive Alasdair Thompson says it was a shock to many businesses which showed them the risks of paying the wholesale price for power.

He says the market's reputation has been damaged and the Electricity Authority has to make changes to avoid any similar incidents.