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John Harbord has been appointed Chair of the Electricity Authority for a three-year term, bringing over 20 years of experience in law, governance, and public sector policy. Energy Minister Simeon Brown emphasized the Authority's role in ensuring an abundant, affordable, and reliable electricity supply that supports economic growth. Harbord succeeds Erik Westergaard, who will remain on the board as Deputy Chair.
New Zealand's Electricity Authority will implement new rules from July 1 to prevent the country's four largest gentailers—Contact, Genesis, Mercury, and Meridian—from favoring their own retail arms over smaller competitors in managing wholesale electricity price risk. These rules aim to create a level playing field by requiring equal treatment in hedge contracts, regular compliance reporting, and reflecting actual electricity costs in retail prices, with increased penalties for serious breaches starting in 2027. This initiative complements broader government efforts to enhance energy security, affordability, and competition through infrastructure fast-tracking, funding support, procurement of LNG facilities, and promoting renewable energy adoption.
The New Zealand Government is launching Open Electricity to help households and small businesses easily compare and choose the best power plans, enhancing competition and transparency in the electricity market. This initiative, following Open Banking regulations, will provide secure access to individual electricity consumption data, enabling consumers to optimize energy use, save money, and make informed decisions about energy-related investments. Changes will begin in September 2024 and be completed by mid-2027, benefiting around two million households and 165,000 small businesses with improved choice, innovation, and cost savings.
Electricity Authority Chair Anna Kominik has resigned, with Energy Minister Simon Watts expressing gratitude for her leadership and contributions to significant reforms in the electricity sector. Ms Kominik's departure is tied to a new opportunity and the completion of the Frontier Economics Review of Electricity Market Performance, with plans for an organisational review before her replacement is appointed. The Government aims to strengthen the Authority's enforcement and analytical capabilities, with a focus on pro-competitive initiatives that prioritize consumer benefit and public value.
Energy Minister Simon Watts welcomes a new rule by the Electricity Authority to boost retail competition among smaller power companies, aiming to lower power prices for struggling Kiwis. The rule will prevent large power companies from cross-subsidizing themselves and offering discounts, creating a level playing field for all competitors. These changes, developed under the Energy Competition Task Force, aim to encourage investment in new generation and improve economic outcomes, with further improvements to be consulted on later this year.
The Electricity Authority announced changes aimed at reducing electricity bills for Kiwi households and businesses, with a focus on fair pricing for rooftop solar and battery exports and introducing time of use plans. The government is also working on a review of the electricity sector to ensure fair prices and address energy shortages. These changes are expected to incentivize uptake of solar and battery systems, reduce power prices over the long term, and enable small-scale systems to meet peak demand.