Electricity Commission overseeing power market
Electricity Commission now overseeing electricity market
In the past, the electricity market and system operations have been organised through a joint agreement between electricity industry members such as line companies, generators and retailers. From today, 1 March, the Electricity Commission has assumed responsibility for electricity market and system operations.
Electricity Commission Chair, Roy Hemmingway, said that the transition from the self-regulated environment had gone smoothly, thanks to the efforts of all electricity market participants. This handover is a shift from industry self-regulation to independent oversight of the market by the Electricity Commission.
"Our Commissioners appreciate the huge amount of effort on the part of all market participants in preparing for this handover."
Mr Hemmingway said that the Electricity Commission was now focused on finishing staff recruitment and was beginning to get to grips with its extensive work programme. This includes consideration of security of supply issues, facilitating appropriate investment in transmission facilities and improving market operations.
"We are committed to keeping all interested parties informed of our progress. In the meantime, ordinary consumers will not be affected by the handover from the self-regulated management of the electricity market."
The Electricity Commission
has been set up by Government to govern the electricity
sector. Its principal objective is to ensure that
electricity is generated, conveyed and supplied to all
classes of consumers in an efficient, fair, reliable and
environmentally sustainable manner. See
http://www.electricitycommission.govt.nz/ for further