Reserve generation: swimming against the current?

Seamus Hogan

No 375703, Competition & Regulation Times from New Zealand Institute for the Study of Competition and Regulation

Abstract: During the winters of 2001 and 2003, low water-levels in New Zealand's key hydro lakes created the prospect of insufficient electricity-generation capacity - and electricity blackouts. At the same time, the spot market for electricity experienced high price volatility. While a range of voluntary consumption-reduction measures helped avert compulsory blackouts and brought down spot-market prices in both years, the government decided to try to forestall a repeat of these episodes by creating an Electricity Commission whose main role was to ensure security of supply by maintaining dry-year reserve-generation capacity. Three years on, Seamus Hogan evaluates the thinking behind this.

Date: 2006-11-01
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