Low hydro-dam levels not seen since the 1990s could mean high electricity prices for us all.
And it could stay that way until rainfall in the south resumes in spring, says Milford Asset Management senior analyst Frances Sweetman.
"Now we're into the coldest period in the South Island - that's when all the rain is captured in ice and snow at the top and it's our lowest collection levels."
But could electricity prices come down in the long-term? If not, what's holding them back?
Watch the video for the full interview.