Market Monitoring Review of Structure, Conduct and Performance in the Wholesale Electricity Market

Last updated: December 22, 2021

Energy

Market Monitoring Review of Structure, Conduct and Performance in the Wholesale Electricity Market

Published: December 22, 2021

Stage: Done

Submitting To: Electricity Authority

Issue for Business: Reviews electricity spot prices (from January 2019 up to and including the first two quarters of 2021) to assess whether electricity spot prices were determined in a competitive environment. Undertaken in response to sustained high spot prices since the Pohokura outage, asking if spot prices reflect underlying supply and demand fundamentals. We note the data do not provide any conclusive evidence to suggest there are competitive issues to be addressed. We urge the Authority to be cautious about the conclusions it draws from this analysis and proposing any changes where there is a lack of evidence.

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