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

 

King Country Energy CPI price adjustment after price freeze

26 August 2011

King Country Energy CPI price adjustment following 18 month price freeze

Electricity generator and retailer, King Country Energy, today announced from 1 October 2011 it will increase electricity retail prices by 6% for its domestic, farming and commercial customers.

The last general price rise was on 1 April 2010, when the company guaranteed an 18 month price freeze.

King Country Energy CEO, Rob Foster, says ongoing increases in wholesale electricity costs and a rise in CPI (consumer price index) during the price freeze time period now requires the company to pass on these costs.

“At King Country Energy, we realise that times are tough for many of our customers and that is why we initiated our price freeze 18 months ago. However, since that time, CPI has gone up by nearly 6% and wholesale electricity costs continue to increase at an average of 6% per year. Unfortunately we now have to pass along some of these costs to our customers.

King Country’s Energy’s 6% price rise will result in an average domestic customer using 8,000 units of electricity per year paying $6.50 more each month for electricity. An average farming or commercial customer using 15,000 units of electricity per year will pay approximately $12.00 more per month.

Customers will see a change in their retail prices from the first invoice they receive after 1 October 2011.

King Country Energy retails electricity throughout the King Country and Waikato regions to approximately 19,000 domestic, commercial and farming properties. It owns four hydroelectricity power stations at Kuratau, Mokauiti, Piriaka and Wairere. It also owns 50% of the Mangahao station, located in Manawatu, and purchases approximately half of its wholesale electricity from other generators.

www.kce.co.nz

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Frog Recruitment: Kiwi Workers Reluctant To Make Business Trips Across The Ditch Despite Trans-Tasman Bubble Opening

When the trans-Tasman travel bubble opens today, many Kiwi companies won't be rushing to buy an air ticket, reluctant to cross the ditch to do business. The latest survey conducted by leading recruitment agency, Frog Recruitment of nearly 1,000 New Zealand ... More>>

Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>


Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>

ALSO:

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>