The bigger threat is much higher bond yields like a NZ 10 year at 6-7% rather than 4.8%
Yeap there's that risk too.

Snapiti, nice post too
And even when / if the new transmission lines are built by Transpower their charges, (which I'm going to say are a major way for the Govt to milk the grid, because that's what they are), plus the gross level of inefficiencies in transmitting power all the way from Manopouri to say Auckland where its really needed, may make this a marginal exercise at best.

Gents, have another look at the recent quarterly releases from MRP and Meridian regarding demand and wholesale pricing. Plenty there to take on board.