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

 

Consumers Switch Electricity Retailers

MCO MEDIA RELEASE
1 December 1999

Consumers Switch Electricity Retailers at Unprecedented Rate

November saw a huge increase in the number of customers who were recorded as switching electricity retailer - almost a quarter of the total since the electricity retail competition system was established in April.

Prior to 1 April, electricity retailers had no industry-wide arrangements to settle customer switching among themselves.

Over the past eight months, electricity retailers have used the new profile-based reconciliation system to settle the switching of 48,760 consumers - 11,842 of them in November. This is a strong indicator that the industry is supporting and using the new system to compete for consumers.

There are around 1.6 million electricity consumers in New Zealand. Similar systems overseas have resulted in around five per cent of the population choosing to change in the first year of operation. New Zealand is now experiencing a 'customer churn' of around three per cent for the first eight months of retail competition - right on target for that recorded by overseas systems.

The information has been released by M-co (The Marketplace Company), the company that developed the system to enable consumers to switch retail suppliers. Part of this system, which has been put in place by the electricity industry, is a national database, called the Registry. This database, operated by Cardinal Systems Ltd, identifies every electricity meter by way of a unique number or ICP (Installation Control Point).

The Registry currently contains 744,854 active ICPs. This is not, however, a record of every electricity meter in the country. Only ICPs of large customers and of customers who have switched retail company must be inputted into the Registry. Some companies have chosen to input all the ICPs they supply.

-ends-


For further information please contact
Philip Bradley, Chief Executive
Ph 04-473-5240 (bus), 025-916-186 (mobile)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO: