WELLINGTON, New Zealand--New Zealand's electricity market regulator said two of country's largest power generators weren't trying to manipulate prices when they spilled water from hydro dams more than a year ago.

The Electricity Authority said Thursday it had ended its investigation into Meridian Energy Ltd. and Contact Energy Ltd., which was sparked by allegations of unfair price hikes following spills in late 2019 and early 2020.

The spills, during a period of heavy rainfall, were within the limits alllowed by safe harbor provisions, the authority said in a statement. In mid-2020, the authority had issued a preliminary ruling that Meridian Energy had manipulated the power market by pushing up wholesale power prices.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

04-21-21 1701ET