Photo GettyThe Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. "We had an extreme weather event in the South Island with severe rainfall and lake levels over and above the maximum. Not surprisingly, we saw generators having to spill flood water to keep the levels down," the authority said in a statement. "What we didn't see and would have expected was lower electricity spot prices driven by lower offers from those generators spilling excess water." It said the excess spill from Meridian's South Island hydro dams was equivalent to 55-megawatts of generation.

Source: Otago Daily Times June 30, 2020 01:30 UTC