Conventionally Yes. but not in the case of the system now in use.
Ever heard of the Transpower HVDC line?
It was I believe the first in the world designed by the for runner to ABB.
Its the North island umbilical.
http://en.wikipedia.org/wiki/HVDC_Inter-Island
Don't worry about how it actually works and can be more efficient because few people actually understand it at Transpower as well (true story)
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