19 Feb 2010

Huge price swings not expected to be carried over

6:09 am on 19 February 2010

The New Zealand Stock Exchange says it's unlikely that major electricity users and retailers will be paying high prices for power despite huge price swings on Thursday.

Provisional electricity prices jumped from under $92 to almost $86,000 per one megawatt hour after a fire in the Marlborough Sounds forced a shut-down of the inter-island power cable for five hours.

The Stock Exchange says the extreme spikes were due to data overload and prices settle down once data issues are sorted out.