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

 


Authority to check retailers' reasons for higher prices

5 March 2014

Media release

Electricity Authority to check retailer claims about reasons for higher retail electricity prices

The Electricity Authority will be checking the claims electricity retailers are making about the reasons for their price increases for 2014.

A number of electricity retailers have claimed they are raising prices to offset higher transmission and distribution charges imposed on them, but the monopoly part of the sector (transmission and distribution companies) are claiming the price increases exceed the additional costs they’re imposing on retailers.

Authority Chief Executive Carl Hansen says, “It is unacceptable that different parts of the electricity industry blame each other for price increases. Our role as an independent regulator is to promote the long-term interests of electricity consumers, and this starts with consumers being given the facts about matters of significant interest to them.”

The Authority is currently consulting on a project to improve the quality of retail price information available, and the Authority’s Retail Advisory Group is working on a project to improve the transparency regarding consumer bills.

The results from the analysis of retailer claims will be fed into these work streams, and could shape the direction the Authority takes on these key areas of work.

“As required by the Electricity Industry Act 2010, the Authority relies on competition among retailers to discipline their pricing decisions. Retailers can set their prices to whatever they like. Our focus is on bringing transparency for consumers.”

— ends —


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news