27 Jul 2016

Nothing unusual in price surges, Electricity Authority says

9:35 pm on 27 July 2016

The Electricity Authority has found nothing unusual in yesterday's huge spikes in wholesale power prices.

Yesterday morning's spike was followed by two others, and in all three cases prices rose to more than $4000 a megawatt hour.

The acting chief executive of the Electricity Authority, Androula Dometakis, said the spikes were caused by four things.

These were low levels of wind generation, some thermal generation not operating, cold weather, and a relative shortage of reserve energy.

But she has had a preliminary look into the bids and offers made during these periods and has not found anything unusual.

Ms Dometakis said high electricity prices occurred from time to time in the spot market.