Parliament

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

 

Power switch competition working

Hon Tony Ryall

Minister for State Owned Enterprises
18 June 2012 Media Statement
Power switch competition working

“It’s not who owns the energy companies that influences prices, but the regulatory environment which the National Government changed to increase competition, says State Owned Enterprises Minister Tony Ryall.

“And it is working. New Zealanders are increasingly taking advantage of that change and are switching companies for a cheaper deal.

“ Treasury advises that in the 12 months from May 2011 to April 2012, 422,256 customers changed electricity retailers (or an average of 35,188 each month)

“Consumer New Zealand chief executive Sue Chetwin has said New Zealanders are starting to realise that there was usually a cheaper option available and that some households can save in the hundreds.

“And the cheapest option is often a private power company,” says Mr Ryall.

“Treasury advises there are 21 regions listed on the Consumer Institute's Powerswitch website. In 14 of these regions the cheapest electricity company is privately owned, in 1 the cheapest company is owned by a council, and in the other 6 an SOE is cheapest.”

“Private companies are currently the cheapest in Auckland (central & Manukau), Hamilton, Christchurch and Dunedin. Going through all of the other regions listed on the Powerswitch website, private companies are also currently the cheapest in Northland, Whangarei, Drury, Counties, Waikato, Hutt Valley/Porirua, Golden Bay, Marlborough, Nelson City and Stoke (Tasman/Nelson Districts).

“And minority private share holdings in the SOE electricity companies will not change the best interests of these companies or the obligations of their boards. Boards are legally obliged to act in the best interests of their companies, NOT their shareholders,” says Mr Ryall.

All figures are the latest prices from the Powerswitch website and are based on an average annual consumption for a medium sized household (the exact consumption figure varies by region).

“We are offering minority shareholdings in the four energy companies to stop extra borrowing from overseas, to control our debt”, says Mr Ryall.


http://powerswitch.co.nz/powerswitch/site-info/price-trends

ENDS


Pre-Prospectus Disclaimer

The Crown is considering offering shares to the public in one or more of Genesis Power Limited, Meridian Energy Limited, Mighty River Power Limited, Solid Energy New Zealand Limited and Air New Zealand Limited. No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the relevant offer of shares is available.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Epic Fails Of Kris Faafoi


Ever since Winston Peters first breathed life into this government in 2018, its own branding has been all about social justice and how we all need to be “kind” to each other. Somehow, Kris Faafoi must have missed the memo. His performance in the immigration portfolio (in particular) has neither been kind nor just, especially to the migrants whose skills New Zealand will need to get us through Covid, and grow the economy into the future... More>>

Covid-19 & Government: Government Green Lights Rapid Antigen Testing


Some of the country’s largest businesses have put in an order for 300,000 approved rapid antigen tests for their workforce, after working at pace with the Government on a new scheme unveiled by Associate Minister of Health and Research, Science and Innovation Ayesha Verrall... More>>


ALSO:




 
 


Government: Opportunity To Shape NZ’s First Emissions Reduction Plan
The Government is inviting New Zealanders to inform the country’s first Emissions Reduction Plan with the release of a consultation document containing a range of policy ideas to decrease the country’s emissions, Prime Minister Jacinda Ardern and Climate Change Minister James Shaw announced today... More>>

ALSO:


Government: Books Show Resilient And Strong Economy
The end of year audited Crown accounts released today show the Government’s health led approach to the COVID-19 pandemic has protected New Zealand’s economy. “On almost every indicator the accounts show that the New Zealand economy has performed better than forecast... More>>


Healthcare: Health System Is Ready For Assisted-dying Law
The health system is ready for the implementation of the End of Life Choice Act when it takes effect next month, making assisted dying legal in New Zealand, Health Minister Andrew Little said today... More>>

ALSO:



Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>


Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>



Children's Commissioner: Call For Mandatory Vaccination Of Children’s Workforce
The Children’s Commissioner and Assistant Māori Commissioner are calling for a plan for the mandatory vaccination of teachers and the entire children’s workforce in New Zealand... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels