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

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news