The Electricity Authority has announced to cut a maximum of $3000 per megawatt hour (MWh) market electricity prices from Genesis Energy's Huntly power station to correct the Undesirable Trading Situation (UTS). The price cut was introduced after the electricity price was increased to around $19,000 on March 26. The authority was discussing the new price cut from last month but the final announcement was made today.

The authority has revealed that the prices as approved will become the prices specified for the purpose of clause 5.2(2)(c) of the Electricity Industry Participation Code.

The Electricity Authority has also said that the price was increased in March due to a planned maintenance shutdown in the upper North Island. The Authority has also confirmed that now they work with the relevant market operation service providers to implement the UTS Committee's decision.

The Electricity Authority has said that the rise in price of electricity has resulted in a genuine scarcity of electricity supply.

Genesis Energy was blamed for the high prices of electricity by the experts but the Electricity Authority found it had not done anything wrong.