There was an immediate investigation by Electricity Authority which was directed by Independent electricity retailer Pulse Utilities. It examined into wholesale prices which were highly overstated.

Today Pulse alleged to the stock exchange that there is an increase in the prices in spite of the fact that there is no change in the hydro storage, it remains at normal levels.

On a regular basis Wholesale electricity is operated. It is traded in every half hour on a hedge advertise. Pulse assumed that earlier last week prices have risen from a daily average of above $140/MWh to a high of almost $308/MWh in latest days.

Pulse's Managing Director, Dene Biddlecombe held that there is an indication by the sudden impale in electricity spot prices that the market is not working in its present format.

He believed that there must be an immediate investigation by the Electricity Authority regarding what could be strategy of the electricity markets.

Biddlecombe alleged that the electricity retailers are more affected by this situation so as to cover future spot market decisions and is correctly the situation the government's optional reforms of the electricity market depart to avoid.