Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Welcome reassurance on electricity market

Tuesday, 17 July 2001 Media Statement

Welcome reassurance on electricity market integrity


Energy Minister Pete Hodgson says today's electrcity market watchdog report offers a welcome reassurance that current high wholesale electricity prices are not the result of market manipulation or abuse of market power.

The NZEM Market Surveillance Committee Report follows its month-long investigation into allegations that wholesale power prices have been pushed unreasonably high. It found no evidence that any market participant engaged in or attempted manipulative activity, or used market power to limit competition in the retail market.

"This is a diligent, comprehensive and useful report," Mr Hodgson said. "I'm pleased that the committee has found no mischief behind current market conditions."

"The report has also reminded us that we have a less than perfect electricity market in some respects. That is why the Government is in the process of making adjustments to the structure of the industry."

Particular areas for improvement noted by the committee include a need to update voting powers in the governance of the market, a need for financial transmission rights and a need for more transparent information in future hedge prices.

"All of those improvements are in train under the current reform process," Mr Hodgson said. "The government is also introducing measures to encourage the development of demand-side bidding in the wholesale market, which will help address the lack of market depth the MSC has commented on."

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news