Wholesale electricity prices at a three year low

The Dom Post reports:

Electricity prices are at a three-year low, at the very time people are using less power.

But, despite the low prices – which have reached 48 times lower than the peak last year – residential customers will notice little change as contracts buffer them from the highs and lows of the volatile wholesale market.

NZX Energy figures show wholesale electricity prices on Boxing Day dropped to $7.70 per megawatt-hour – one million watts of energy used continuously in a single hour.

The last time it was that low was on January 30, 2011.

This is of course conclusive proof that we need to destroy the wholesale market in electricity and have the Government become the sole monopoly purchaser and wholesaler seller of electricity.