Electricity prices spike in March quarter

Prices paid by electricity and gas supply producers rose 28.7 percent in the March 2021 quarter, while prices they received for production increased 17.4 percent, Stats NZ said today.

“Lower lake levels in the South Island have driven up wholesale prices for electricity generation, while an unexpected fall in production at the Pohokura gas field has seen gas supply prices also increase,” business prices delivery manager Bryan Downes said.

“The quarterly price change is the largest since 2018 but is nowhere near the magnitude seen in the 2008 power crisis.”

QuarterOutput prices – electricity and gas supplyInput prices – electricity and gas supply
Mar-07863914
Jun-079421031
Sep-07926977
Dec-07880907
Mar-0810181256
Jun-0813211870
Sep-0811261299
Dec-08972906
Mar-09921897
Jun-091019993
Sep-091007903
Dec-09984959
Mar-1010321108
Jun-1010431053
Sep-1010321000
Dec-1010001000
Mar-1110191023
Jun-1110231005
Sep-1111541199
Dec-1111001153
Mar-1211761250
Jun-1213021352
Sep-1211521149
Dec-1210601082
Mar-1311931245
Jun-1312331235
Sep-1311791162
Dec-1310771048
Mar-1412271254
Jun-1412161149
Sep-1412001146
Dec-1411851173
Mar-1512081203
Jun-1511791099
Sep-1511711087
Dec-1511481103
Mar-1611611105
Jun-1611831102
Sep-1611771092
Dec-1611171054
Mar-1711421088
Jun-1712211181
Sep-1712861251
Dec-1712511246
Mar-1812471221
Jun-1812301200
Sep-1812541239
Dec-1815291603
Mar-1914171424
Jun-1913091268
Sep-1913321294
Dec-1912761223
Mar-2012441163
Jun-2012951212
Sep-2013381253
Dec-2012851212
Mar-2115081560

Electricity prices for residential customers, reported in Consumers price index: March 2021 quarter, increased 0.4 percent.

“Wholesale and household electricity price movements can differ due to transmission charges, industrial customers responding to peak-hour pricing, and hedging to manage price volatility,” Mr Downes said.

“In general, electricity retailers do not pass on wholesale pricing to households unless they are on a spot price contract.”

QuarterCommerical customers – electricityResidential consumers (CPI) – electricity
Dec-0910001000
Mar-1010071001
Jun-1010771011
Sep-1010741040
Dec-109711057
Mar-119931061
Jun-1110111091
Sep-1110931087
Dec-1110091082
Mar-1210571083
Jun-1212141131
Sep-1211721136
Dec-129871138
Mar-1310931140
Jun-1312091170
Sep-1311361176
Dec-139721172
Mar-1410521173
Jun-1411921222
Sep-1411351220
Dec-1410011214
Mar-1510221214
Jun-1511431222
Sep-1511501221
Dec-159941219
Mar-1610371221
Jun-1611081243
Sep-1611011248
Dec-169621246
Mar-1710091248
Jun-1710861266
Sep-1711601269
Dec-1710511271
Mar-1810991281
Jun-1810671302
Sep-1811001301
Dec-1811901298
Mar-1911521315
Jun-1911521320
Sep-1911711317
Dec-1910991315
Mar-2011351332
Jun-2011471338
Sep-2012281338
Dec-2011691322
Mar-2112711327

Electricity is a production input for industries – from farms to factories. The farm expenses price index measures price changes for inputs across various farm types. Electricity prices paid by farms increased 5.8 percent across the March 2021 quarter – lower than fuel prices which increased 12.9 percent.

/Stats NZ Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.