Hon Simon Bridges

Minister of Energy and Resources

28 July 2015

Electricity market more competitive than ever

Increased competition in the electricity market is continuing to benefit consumers, Energy and Resources Minister Simon Bridges says.

Today’s release of the 2014 residential electricity market performance review by the Electricity Authority shows consumers have more choice than ever and are saving more when they switch.

In 2014, more than 385,000 consumers switched retailers, with average savings of $162 a year.

“The data shows that, across all regions, there were savings to be made for consumers who switched providers,” Mr Bridges says.

The report shows that households were being supplied by one of 27 brands – the most brands ever to have operated in New Zealand.

“All regions saw an increase in the number of retail brands on offer. It’s encouraging to see more and more Kiwis are choosing to switch to small and medium sized retailers, with this group growing its market share 23 per cent last year”.

“This is great news for consumers, who will benefit from increasing choice and innovative deals.

“The latest CPI figures showed zero per cent annual change in electricity prices – the lowest annual increase since 2001. This is evidence that enhanced retail competition is making a real difference for Kiwi households,” Mr Bridges says.

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