Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Electricity campaign won’t reduce prices

MAJOR ELECTRICITY USERS' GROUP


Friday, 27 July 2001

For immediate release

Electricity campaign won’t reduce prices


A Government campaign to encourage lower electricity use has been welcomed by the Major Electricity Users Group (MEUG), but it says the campaign will not immediately do anything about the extraordinarily high prices currently harming the economy.

Terrence Currie, Chairman of MEUG, said a conservation campaign was only one part of the answer to reduce the crisis, which was a combination of low hydro inflows, high prices and an uncompetitive market.

“This is a crisis that won’t be fixed just by conservation – we need the government and energy industry to manage the market to ration power at a price everyone can afford.

“We are looking forward to the second summit on Tuesday to address these remaining issues,” Mr Currie said.

He said high prices and lack of competition has already cost the economy many millions of dollars.

“Some generators have been making huge profits at the expense of New Zealand businesses, and the electricity retailers who do not have enough supply.

“Even if a conservation campaign works, we will emerge from this crisis with a discredited wholesale electricity market. Consumers once again have been traded as chattels.

“The Government must ensure that there is an urgent review of the electricity markets performance,” Mr Currie said.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: