698:) prevents the ownership of cross-sector investment (that is energy and lines functions). This means a generation company cannot own or have an interest in a distribution company and a distribution company cannot retail electricity or deal in electricity hedges. There are two exceptions to the regulations: generation companies can own the lines required to transport electricity from their power stations to the grid or local distribution network; and distribution companies can own a small amount of conventional generation capacity within their network but are not limited in the level of renewable generation capacity. There is no barrier to vertical integration from generation to retail. The overall arrangement of the industry creates some very interesting market behaviour amongst the players.
192:
153:. These four together produce about 90% of New Zealand's electricity. Meridian Energy, Genesis Energy and Mercury Energy are 51% majority owned by the New Zealand government, while Contact is a 100% publicly traded company. An important feature of the New Zealand market is that all the major generators also own retailing arms. The companies are thus commonly known as "gentailers" (generator–retailers.) Proceeding 2021
130:
252:
calculated ex-post—normally around 10:00am the following day, unless there are irregularities or disputes. Using the offer prices as established two hours before the trading period and volumes as established during the trading period. Differences between forecast, dispatch, real-time and final prices can be significant.
107:, a state-owned enterprise. Transpower is also the System Operator, responsible for ensuring real time electricity supply security and quality. Transpower is the market scheduler, predicting demand to help generators make offers, as well as the dispatcher, in charge of matching demand and supply in real time.
91:
The
Electricity Authority contracts out the services required to run the electricity market. The Reconciliation Manager who reconciles all metered quantities, the Pricing Manager who determines the final prices at each node and Clearing and Settlement Manager who pays generators for their generation
1300:
to manage risks associated with volatility of the spot market. For example, during a dry year, the high prices in the wholesale market price benefit the generation arm but hurts the retailers who buy at wholesale prices and sell electricity to consumers at fixed prices; when prices are low, the loss
218:
Generators submit offers through a
Wholesale Information and Trading System (WITS). Each offer covers a future half-hour period (called a trading period) and is an offer to generate a specified quantity at that time in return for a nominated price. The System Operator (Transpower) uses a scheduling,
1304:
These five companies have now extended their risk management strategy further by aligning their retail and generation businesses to the same geographic locations. For example, the majority of
Meridian Energy's generation assets are in the South Island, and that's where their retail strongholds are.
442:
On 2 July 2003 a draft set of
Electricity Governance Regulations and Rules was issued on behalf of the Minister of Energy by the Electricity Commission Establishment Unit (ECEU). This set was for consultation purposes and after submissions were received and reviewed, a set of regulations and rules
404:
The government has increased the extent of intervention through the
Electricity Industry Reform Act 1998, which forced power companies to divest either their energy or their lines business. The Electricity Amendment Act 2001 led to another round of industry reform concentrating on achieving better
243:
All electricity generated is required to be traded through the central pool, with the exception of small generating stations of less than 10MW. Bilateral and other hedge arrangements are possible, but function as separate financial contracts. Trading develops by bids (purchaser/demand) and offers
236:
Trades take place at approximately 285 nodes (grid injection points and grid exit points) across New
Zealand every half-hour. Generators make offers to supply electricity at 59 grid injection points (GIPs) at power stations, while retailers and major users make bids to buy electricity at 226 grid
1114:
is dominated by five generators, which are
Contact Energy, Genesis Energy, Mercury Energy, Meridian Energy, and Trustpower. These are all active in generation, the wholesale market and retail sales of electricity. Between these five companies they produce or control more than 95% of NZ's total
446:
In
September 2003 a revised set of draft rules and regulations was issued by the ECEU for submissions by the end of October. The set did not include proposed transmission regulations, which were still being drafted. Also in September the Minister of Energy announced the chair and members of the
438:
The result put paid to the prospect of a multilateral agreement on the governance and operational arrangements for the electricity market. The New
Zealand government invoked the regulations already prepared to meet this contingency. The "threat of regulation" had been insufficient to stave off
247:
Bids and offers start 36 hours before the actual real-time consumption or trading period. Up to four hours (pre-dispatch) before the trading period starts a new forecast price is calculated to guide participants in the market. From four hours to the start of the trading period every half-hour a
87:
market for CFD financial contracts is operated by the ASX Australian Stock
Exchange, and an FTR market for Financial Transmission Rights is operated by Energy Market Services, a business unit of Transpower. These markets are linked to wholesale market prices at select locations, allowing market
232:
Electricity spot prices can vary significantly across trading periods, reflecting factors such as changing demand (e.g. lower prices in summer when demand is subdued) and supply (e.g. higher prices when hydro lakes and inflows are below average). Spot prices can also vary significantly across
251:
During each half-hour period Transpower publishes a new real-time price every five minutes, and a time-weighted 30-minute average price. The real-time prices are used by some large direct-connect consumers to adapt their demand. The prices are however guidelines only as the final prices are
285:
billion over the 7 years he studied when compared with a perfectly competitive market. The methodology he used and the results are also described in a working paper. His report was criticised for aspects of its methodology, with the Electricity Technical Advisory Group (ETAG),
76:. Trade takes place at more than 200 pricing nodes across New Zealand. Generators can make offers to supply electricity at grid injection points, while retailers and some major industrial users make bids to withdraw "offtake" electricity at grid exit points. The market uses a
164:
Retailers purchase electricity from the wholesale market, and on-sell it to consumers. Competition for retail customers varies across the country but since 1999, when full retail competition was introduced, customers have switched at a rate between 9% and 14% per annum.
457:
The final set of Electricity Governance Regulations and Rules (excluding rules for transmission) became effective on 1 March 2004. The final chapter of the Electricity Governance Rules, on transmission, was gazetted on 28 April to become effective on 28 May 2004.
409:
of the electricity market and tighter control of monopoly functions. The "threat of regulation" was extended to the production of a set of regulations that would be brought into effect if the industry's self-regulation did not meet the government's criteria.
248:
dispatch price is calculated and communicated. One hour before the start of the trading period bids and offers can no longer be revised (with some exceptions) and the new prices reflect Transpower's adjustments in load forecasts and system availability.
477:
in order to increase retailer competition in both islands and to give Genesis a South Island generating base. It was decided that Genesis would receive the Tekapo A and Tekapo B hydroelectric power stations from Meridian, and Meridian would receive the
384:
Regulation of the electricity market started in a light-handed fashion but there has been an increasing trend towards more heavy-handed regulation. Light-handed regulation is based on the threat of regulation providing an incentive on companies with
461:
A Ministerial Review of Electricity Market Performance was initiated on 1 April 2009 and led by an independent Electricity Technical Advisory Group, appointed by the Minister for Energy and Resources, with assistance from officials from the
642:
September 2003 – As a result of submissions received, revised rules and regulations were issued for further consultation. A revised Government Policy Statement was issued for submissions and the Electricity Commission was
1273:
All of these five companies are listed and traded on the NZX stock exchange. The New Zealand government has 51% ownership of Genesis, Mercury, and Meridian. Contact is also traded on the ASX Australian exchange.
547:
April 1993 – Electricity Market Company (later called M-co) established as a joint venture by New Zealand electricity industry players to act as a focal point for the design of a wholesale electricity market.
62:. Reform has since led to the separation of the monopoly elements from the contestable elements to create competitive markets in energy retailing and generation. Regulation has also been imposed on the
569:
June 1995 – After an exhaustive policy debate, the government announced significant reform of the electricity industry including a framework for buying and selling electricity through a wholesale pool.
646:
1 March 2004 – The Electricity Commission took over control of the New Zealand electricity market from the self-regulating bodies, the MARIA Governance Board (MGB) and the Rules Committee of the NZEM.
80:
auction which takes generators' offers and retailers' bids, and computes final prices and quantities at each node. These auctions are held every half-hour for a total of 48 trading periods each day.
2418:
2279:
2074:
2104:
219:
pricing and dispatch (SPD) system to rank offers, submitted through WITS, in order of price, and selects the lowest-cost combination of offers from the generators to satisfy demand.
305:
was used to analyse the New Zealand wholesale electricity market. The model suggests considerable market abuse and quantified the combined market rents for 2006 and 2008 to be $ 2.6
551:
The Metering and Reconciliation Information Agreement (MARIA) was set up as a multilateral arrangement to allow for retail competition for customers with half-hour interval meters.
2134:
2509:
607:(ECNZ) disbanded, establishment of three separate competing spin-off generation companies in the form of Mighty River Power, Genesis and Meridian Energy. A low-cost system for
372:
found in favor of the regulator. In its submission, the Electricity Authority stated that "the high interim prices on 26 March 2011, if they are allowed to become final prices
2164:
1830:
Young, David; Poletti, Stephen; Browne, Oliver (2014). "Can agent-based models forecast spot prices in electricity markets? Evidence from the New Zealand electricity market".
1599:
Alvey, Trevor; Goodwin, Doug; Ma, Xingwang; Streiffert, Dan; Sun, David (1998). "A security-constrained bid-clearing system for the New Zealand wholesale electricity market".
2532:
508:
said it would boost the economy and create jobs. By the following day, shares in privately owned power company Contact Energy had fallen by more than 10 percent. The
1364:
180:
2001:
525:
Prior to 1987, the New Zealand Electricity Department (NZED), a government department, controlled and operated almost all electricity generation and operated the
463:
287:
1661:
273:
economist Frank Wolak on the ability of the four largest electricity suppliers to exercise unilateral market power in the wholesale electricity market and the
2609:
1324:
1634:
69:
Since about 2000, the market is split as follows: regulation, administration, generation, market clearing, transmission, distribution, metering and retail.
2422:
1946:
Questions and Answers relating to the Electricity Authority's decision that the events of 26 March 2011 constitute an undesirable trading situation (UTS)
170:
1866:
1529:
233:
locations, reflecting electrical losses and constraints on the transmission system (e.g. higher prices in locations further from generating stations).
72:
The wholesale market for electricity operates under the Electricity Industry Participation Code (EIPC), and is overseen by the market regulator, the
627:
November 2000 – Electricity Governance Establishment Project set up as a result of the government's review of the report of the Ministerial Inquiry.
2280:"Government Policy Statement: Further Development of New Zealand's Electricity Industry [December 2000], Ministry of Economic Development"
2347:
1868:
Neoliberalism and energy poverty: why corporatisation, deregulation and privatisation doubled the cost of electricity for New Zealand households
2624:
2082:
604:
541:
157:
was also a gentailer until selling their retail arm to Mercury under the TrustPower brand and re-branding the remaining generation business as
2449:
2562:
1428:(Report). Wellington, New Zealand: Energy Markets Policy, Energy and Resources Branch, Ministry of Business, Innovation and Employment (MBIE)
1359:
2112:
663:
35:
114:, who have monopoly control of the lines services on their networks. Ownership of distributors is through trust-owned companies, such as
1728:
How do firms exercise unilateral market power?: evidence from a bid-based wholesale electricity market — Preliminary draft, 18 March 2009
229:
The highest-priced bid offered by a generator required to meet demand for a given half-hour sets the spot price for that trading period.
2388:
659:
357:
290:, claiming that there is no evidence of the sustained exercise of market power. The Commerce Commission decided not to act. Rex Ahdar,
204:
73:
31:
2142:
2513:
1349:
516:. Share prices of listed electricity companies rose significantly when the share market opened on the Monday following the election.
1474:
1305:
Mercury Energy's generation assets are exclusively in the North Island, and its customer base is also primarily in the North Island.
161:
Energy. Manawa is now NZ's largest independent electricity generator, representing around 5% of the New Zealand generation capacity.
2172:
1726:
1512:
1448:
1402:
1319:
1111:
509:
482:
from the government (although Meridian eventually declined to accept). The transfer of Tekapo A and B was completed on 1 June 2011.
111:
2490:
1573:
2217:
500:
for electricity, in order to cut retail costs. The government responded by calling it "economic vandalism", comparing it to the
294:, later opined that competition law in New Zealand is inherently ill-suited to tackling a network industry such as electricity.
1344:
1339:
342:
kV lines out, thereby restricting supply from the South Island. Extreme bids by Genesis Energy sent Auckland spot prices to $
598:
Instructions to all energy companies to split their retail and lines businesses and sell one or other within a set time period
469:
One of the key recommendations approved by Cabinet was the transfer of ownership and operation of some power stations between
115:
2605:
1547:
240:
Final prices at each node, taking account of grid losses and constraints, are processed and confirmed the following day.
2629:
2194:
636:
May 2003 – The rules developed by EGEP fail to gain sufficient support in the referendum to avoid government regulation.
390:
212:
618:
May 1999 – Contact Energy shares listed for trading on the New Zealand and Australian Stock Exchanges from 11 May 1999.
320:
There have been long-standing concerns about the potential for market abuse under nodal pricing, particularly when the
110:
Distribution of electricity from the grid exit points to the end consumers' premises is the responsibility of about 30
1665:
1334:
526:
489:
321:
100:
77:
55:
51:
1422:
195:
New Zealand demand-weighted daily average wholesale price of electricity 2009 to 2012. Source: Electricity Authority
1282:
513:
493:
312:
In terms of residential electricity prices, a 2015 report found these were twice as high under retail competition.
1638:
1504:
1394:
1354:
485:
On 1 November 2010, the Electricity Authority commenced operations, taking over from the Electricity Commission.
451:
369:
1704:
An assessment of the performance of the New Zealand wholesale electricity market – Public version (Second half)
1438:
Marked "This document outlines the main developments in New Zealand's electricity reforms since the mid-1980s."
688:
684:
633:
April 2003 – An industry referendum on the outcomes of the Electricity Governance Establishment Project (EGEP).
177:
that enables consumers to compare electricity and gas prices from different retailers and to switch suppliers.
1681:
An assessment of the performance of the New Zealand wholesale electricity market – Public version (First half)
1292:
The retail space is dominated by the five generating companies. The generation and retail companies use this
1533:
788:
owns GLOBUG and Tiny Mighty Power. Some retailers are restricted to certain geographical locations, such as
479:
418:
278:
389:
to exercise self-regulation. The normal regulatory legislation such as the Companies Act, Electricity Act,
1172:
835:
746:
742:
706:
680:
537:
470:
327:
302:
208:
142:
104:
47:
572:
February 1996 – An interim wholesale market is put in place allowing ECNZ and Contact to begin competing.
435:
As there was not a substantial majority of all classes in favour of the proposal it was not implemented.
2581:
has a wealth of detail and statistics on the electricity industry, and other New Zealand energy matters.
1385:
1329:
612:
398:
331:
59:
2351:
2300:
2027:
1839:
1608:
1293:
93:
1060:
649:
October 2004 – The Electricity Act was amended to increase the powers of the Electricity Commission.
559:
April 1994 – Transpower separated from ECNZ and established as a stand-alone state-owned enterprise.
789:
754:
695:
582:
563:
291:
270:
266:
1797:
985:
2321:
2258:
2052:
1973:
1314:
608:
118:, and public companies. Some major industrial users are directly connected to the grid, such as
92:
at the market clearing price and invoices all retailers for their offtake, are all contracted to
27:
1994:
222:
The market pricing principle is known as bid-based security-constrained economic dispatch with
2558:
1508:
1398:
394:
298:
119:
1974:"Ministerial Review of Electricity Market Performance 2009, Ministry of Economic Development"
1756:
431:
transporters voted 47.4% for the proposal (transporters comprise distributors and Transpower)
360:
declared a UTS (undesirable trading situation) and subsequently dropped the final price to $
1847:
1771:
1616:
766:
63:
447:
Electricity Commission. Roy Hemmingway, whose most recent position was chairperson of the
2259:"Ministerial Inquiry into the Electricity Industry 2000, Ministry of Economic Development"
1297:
1197:
885:
762:
714:
676:
655:
9 December 2009 – Minister announces outcomes of market review, including 29 new measures.
533:
474:
428:
traders voted 66.2% for the proposal (traders comprise generating companies and retailers)
376:
threaten to damage the integrity and reputation of the wholesale market for electricity".
277:(any payment in excess of the cost of production) that may have resulted. Using empirical
191:
150:
84:
1452:
1277:
There are a number of smaller companies in the electricity generation industry including
675:
The New Zealand electricity market is split into the following areas: administration and
562:
July 1994 – NZEM commences trading as a secondary market for ECNZ hedges. An independent
244:(generator/supply) for 48 half-hour periods for each pricing nodes on the national grid.
203:. The market operation is managed by several service providers under agreements with the
1902:. Cambridge, Massachusetts, USA: John F Kennedy School of Government, Harvard University
1843:
1612:
1894:
1222:
1147:
910:
860:
785:
774:
758:
750:
730:
710:
702:
589:
401:
provide the framework for regulating normal commercial and environmental transactions.
274:
146:
138:
1577:
2618:
2224:
2023:
1416:
1414:
1010:
738:
734:
505:
223:
158:
154:
2578:
2384:
1995:"Summary of Main Decisions - Ministerial Review into Electricity Market Performance"
2301:"Initial Electricity Industry Participation Code, Ministry of Economic Development"
1301:
of profits in the generation side is offset by the profits in the retail business.
1278:
501:
386:
334:
on 26 March 2011. The HVAC network was under scheduled maintenance with 2 of 6 220
83:
In addition to the core wholesale spot market there are two associated markets. A
2471:
1927:
Bay of Plenty Energy Limited v The Electricity Authority: HCWN CIV-2011-485-1371
1775:
1851:
1035:
960:
356:/MWh), these prices later returned $ 197/MWh (€125/MWh) – a factor of 117×. The
200:
166:
123:
1551:
578:
October 1996 – The reformed wholesale electricity market (NZEM) begins trading.
1247:
935:
778:
718:
414:
406:
309:
billion, when compared with a perfectly competitive market as counterfactual.
1703:
1680:
639:
July 2003 – A draft set of regulations and rules was issued for consultation.
621:
February 2000 – The Ministerial Inquiry into the electricity industry begins.
174:
30:
regulated by the Electricity Industry Participation Code administered by the
2579:
Energy section of the Ministry of Business, Innovation & Employment site
1286:
770:
652:
April 2009 – Ministerial review of Electricity Market Performance commences.
554:
Former local electricity supply authorities established as energy companies.
497:
1944:
1931:
1798:"The New Zealand electricity industry and the limits of competition law"
133:
Numbers of electricity consumers changing electricity supplier per month
129:
1896:
Nodal and zonal congestion management and the exercise of market power
1620:
784:
Many of the retailers are owned by generating companies. For example,
448:
96:(NZX), who acquired the previous service provider M-co in June 2009.
2588:
666:, and the Electricity Industry Participation Code comes into effect.
34:(EA). The authority was established in November 2010 to replace the
496:
said if they were to win the 2014 election, they would introduce a
46:
Until 1987, New Zealand had a centrally run system of providers of
2599:
1949:. Wellington, New Zealand: New Zealand Electricity Authority. 2011
1874:. Wellington, New Zealand: Victoria University of Wellington (VUW)
190:
128:
368:/MWh). The Electricity Authority decision was challenged and the
2555:
Connecting the Country – New Zealand's National Grid 1886 - 2007
1423:
Chronology of New Zealand electricity reform — MBIE-MAKO-3727675
611:
established allowing every consumer to choose their electricity
1757:"Simulating market power in the New Zealand electricity market"
624:
June 2000 – The report of the Ministerial Inquiry is published.
454:
in the US, took on the role as chairperson of the commission.
2594:
2584:
595:
Splitting ECNZ into three competing state-owned enterprises.
2485:
2483:
2481:
2248:
Contact Energy Half Year Report for Period to 31 March 1999
1930: (High Court of New Zealand, Wellington 2012),
1574:"Market Operation Service Providers, Electricity Authority"
2444:
2442:
2440:
1475:"Connecting and Dispatching New Generation in New Zealand"
792:
which supplies to the King Country region of the Waikato.
421:
on a proposed set of self-regulating rules was announced:
2504:
2502:
2500:
2218:"Investment in Electricity Generation by Lines Companies"
2024:"Genesis Energy takes ownership of Tekapo Power Stations"
796:
Market share of electricity retailers as at 30 June 2021
466:. There were 29 recommendations arising from the review.
1550:. Electricity Authority. 22 October 2010. Archived from
2512:. Mighty River Power. 16 September 2015. Archived from
1755:
Browne, Oliver; Poletti, Stephen; Young, David (2012).
630:
December 2000 – Government Policy Statement published.
1893:
Harvey, Scott M; Hogan, William W (10 January 2000).
769:, Opunake Hydro, Paua to the People, Payless Energy,
207:. The physical operation of the market is managed by
183:
published a useful chronology of reforms up to 2015.
1750:
1748:
1660:New Zealand Institute of Economic Research (2005).
1635:"Electricity in New Zealand, Electricity Authority"
281:
techniques, Wolak estimates these rents to be $ 4.3
2557:. Wellington: Steele Roberts. pp. 376 pages.
1921:
1919:
1917:
2527:
2525:
2523:
575:April 1996 – Contact Energy commenced operations.
199:Electricity is traded at a wholesale level in a
2413:
2411:
2409:
2407:
2405:
2195:"Power companies soar after National's victory"
1365:Ministry of Business, Innovation and Employment
2466:
2464:
2462:
1968:
1966:
1964:
8:
2610:Campaign Against Foreign Control of Aotearoa
2606:Criticism of power privatisation and reforms
2165:"Norman: Contact shares continue to plummet"
2105:"Opposition 'trying to disrupt share sales'"
2047:
2045:
1325:Energy Efficiency and Conservation Authority
2379:
2377:
2375:
2373:
2371:
2369:
2348:"Electricity Supply Industry Aurora Energy"
2075:"Labour's power plan 'political posturing'"
1528:New Zealand Electricity Commission (2009).
1501:Alternating Currents or Counter-Revolution?
1387:Alternating Currents or Counter-Revolution?
701:Generation is dominated by five companies:
112:distributors, also known as lines companies
1117:
794:
2216:Ministry of Economic Development (2006).
2055:. New Zealand Government. 1 November 2010
512:held on 20 September 2014 was won by the
443:was recommended to the Governor-General.
237:exit points (GXPs) on the national grid.
88:participants to manage their basis risk.
532:April 1987 – The New Zealand Government
2135:"Norman: Power plan will boost economy"
1725:McRae, Shaun D; Wolak, Frank A (2009).
1451:. Electricity Authority. Archived from
1376:
1242:Mixed Ownership Model (Public/Private)
1217:Mixed Ownership Model (Public/Private)
1192:Mixed Ownership Model (Public/Private)
605:Electricity Corporation of New Zealand
581:April 1998 – Government announced the
542:Electricity Corporation of New Zealand
2493:. Meridian Energy. 11 September 2015.
1499:Evans, Lewis; Meade, Richard (2005).
1384:Evans, Lewis; Meade, Richard (2005).
1360:List of power stations in New Zealand
425:consumers voted 4.4% for the proposal
7:
2053:"New era for the electricity sector"
696:Electricity Industry Reform Act 1998
2591:provide current data on the market.
2474:. Genesis Energy. 4 September 2015.
2421:. MBIE. August 2015. Archived from
2389:Electricity Authority (New Zealand)
66:of transmission and distribution.
2223:. Discussion Paper. Archived from
1601:IEEE Transactions on Power Systems
1350:Hydroelectric power in New Zealand
14:
2455:. Contact Energy. 17 August 2015.
1865:Bertram, Geoff (9 October 2015).
1320:Electricity sector in New Zealand
1119:New Zealand Generating Companies
1112:electricity sector in New Zealand
137:There are four major generators:
2002:Ministry of Economic Development
520:Milestones in the reform process
464:Ministry of Economic Development
288:Ministry of Economic Development
2171:. 19 April 2013. Archived from
2141:. 19 April 2013. Archived from
2111:. 19 April 2013. Archived from
2081:. 18 April 2013. Archived from
1637:. November 2010. Archived from
1345:Geothermal power in New Zealand
1340:Renewable energy in New Zealand
413:On 16 May 2003 the result of a
2595:Domestic Energy Users' Network
1702:Wolak, Frank A (19 May 2009).
1679:Wolak, Frank A (19 May 2009).
733:, Ecotricity, Electra Energy,
116:Auckland Energy Consumer Trust
20:New Zealand electricity market
1:
2625:Electric power in New Zealand
527:electricity transmission grid
417:by industry participants and
2419:"Energy in New Zealand 2015"
1776:10.1080/00779954.2011.649566
391:Resource Management Act 1991
173:, provides a website called
171:Ministry of Consumer Affairs
2533:"Financial Statements 2015"
1852:10.1016/j.eneco.2014.08.007
1764:New Zealand Economic Papers
1335:National Grid (New Zealand)
583:Electricity Reform Act 1998
338:kV lines out and 3 of 5 110
330:was "net pivotal" north of
78:locational marginal pricing
2646:
2538:. Trustpower. 15 May 2015.
2028:New Zealand Stock Exchange
1530:"Retail Market Statistics"
1289:, Pioneer and Top Energy.
101:national transmission grid
1505:Victoria University Press
1395:Victoria University Press
1355:Wind power in New Zealand
809:
806:
803:
800:
694:The current legislation (
452:Public Utility Commission
370:High Court of New Zealand
2197:. Television New Zealand
1115:electricity generation.
419:customer representatives
169:, with support from the
2385:"Market share snapshot"
504:, but Greens co-leader
480:Whirinaki Power Station
279:industrial organization
2553:Reilly, Helen (2008).
1662:"Market Design Report"
664:Electricity Commission
538:state-owned enterprise
536:the NZED and formed a
196:
134:
36:Electricity Commission
1330:Energy in New Zealand
660:Electricity Authority
566:committee was formed.
399:Fair Trading Act 1986
358:Electricity Authority
269:released a report by
205:Electricity Authority
194:
187:Wholesale spot market
132:
74:Electricity Authority
32:Electricity Authority
26:) is a decentralised
2510:"Annual Report 2015"
2491:"Annual Report 2015"
2472:"Annual Report 2015"
2450:"Annual Report 2015"
2326:Consumer Powerswitch
1805:Utilities Law Review
1421:Anon (August 2015).
1294:vertical integration
1106:Generation companies
94:New Zealand Exchange
2630:Electricity markets
2516:on 21 January 2016.
2425:on 15 February 2016
1844:2014EneEc..45..419Y
1796:Ahdar, Rex (2010).
1668:on 9 December 2009.
1613:1998ITPSy..13..340A
1120:
797:
790:King Country Energy
755:King Country Energy
729:The retailers are:
564:market surveillance
488:In April 2013, the
324:becomes congested.
322:transmission system
303:Auckland University
301:(ABM) developed at
292:University of Otago
267:Commerce Commission
126:Aluminium Smelter.
2354:on 3 December 2011
2230:on 16 October 2008
1315:Electricity market
1118:
795:
745:, Flick Electric,
658:1 November 2010 –
609:customer switching
585:, which included:
197:
135:
64:natural monopolies
28:electricity market
2564:978-1-877448-40-9
2085:on 6 January 2014
2004:. 7 December 2009
1641:on 2 January 2011
1621:10.1109/59.667349
1580:on 29 August 2011
1507:. pp. 73–4.
1455:on 22 August 2013
1271:
1270:
1267:Public Ownership
1167:Public Ownership
1103:
1102:
775:Tiny Mighty Power
749:, Giving Energy,
671:Current structure
395:Commerce Act 1986
380:History of reform
299:agent-based model
120:New Zealand Steel
99:The owner of the
2637:
2602:from Consumer NZ
2568:
2540:
2539:
2537:
2529:
2518:
2517:
2506:
2495:
2494:
2487:
2476:
2475:
2468:
2457:
2456:
2454:
2446:
2435:
2434:
2432:
2430:
2415:
2400:
2399:
2397:
2395:
2381:
2364:
2363:
2361:
2359:
2350:. Archived from
2344:
2338:
2337:
2335:
2333:
2318:
2312:
2311:
2309:
2307:
2297:
2291:
2290:
2288:
2286:
2276:
2270:
2269:
2267:
2265:
2255:
2249:
2246:
2240:
2239:
2237:
2235:
2229:
2222:
2213:
2207:
2206:
2204:
2202:
2191:
2185:
2184:
2182:
2180:
2175:on 19 April 2013
2161:
2155:
2154:
2152:
2150:
2145:on 19 April 2013
2131:
2125:
2124:
2122:
2120:
2115:on 19 April 2013
2101:
2095:
2094:
2092:
2090:
2071:
2065:
2064:
2062:
2060:
2049:
2040:
2039:
2037:
2035:
2020:
2014:
2013:
2011:
2009:
1999:
1991:
1985:
1984:
1982:
1980:
1970:
1959:
1958:
1956:
1954:
1941:
1935:
1929:
1923:
1912:
1911:
1909:
1907:
1901:
1890:
1884:
1883:
1881:
1879:
1873:
1862:
1856:
1855:
1832:Energy Economics
1827:
1821:
1820:
1818:
1816:
1802:
1793:
1787:
1786:
1784:
1782:
1761:
1752:
1743:
1742:
1740:
1738:
1733:
1722:
1716:
1715:
1713:
1711:
1699:
1693:
1692:
1690:
1688:
1676:
1670:
1669:
1664:. Archived from
1657:
1651:
1650:
1648:
1646:
1631:
1625:
1624:
1596:
1590:
1589:
1587:
1585:
1576:. Archived from
1570:
1564:
1563:
1561:
1559:
1554:on 15 March 2014
1544:
1538:
1537:
1536:on 27 July 2009.
1532:. Archived from
1525:
1519:
1518:
1496:
1490:
1489:
1487:
1485:
1479:
1471:
1465:
1464:
1462:
1460:
1445:
1439:
1437:
1435:
1433:
1427:
1418:
1409:
1408:
1392:
1381:
1281:, NZ Windfarms,
1121:
798:
773:, Pulse Energy,
725:Retail companies
662:takes over from
510:general election
375:
367:
363:
355:
354:
348:
347:
341:
337:
308:
284:
2645:
2644:
2640:
2639:
2638:
2636:
2635:
2634:
2615:
2614:
2575:
2565:
2552:
2549:
2547:Further reading
2544:
2543:
2535:
2531:
2530:
2521:
2508:
2507:
2498:
2489:
2488:
2479:
2470:
2469:
2460:
2452:
2448:
2447:
2438:
2428:
2426:
2417:
2416:
2403:
2393:
2391:
2383:
2382:
2367:
2357:
2355:
2346:
2345:
2341:
2331:
2329:
2322:"The providers"
2320:
2319:
2315:
2305:
2303:
2299:
2298:
2294:
2284:
2282:
2278:
2277:
2273:
2263:
2261:
2257:
2256:
2252:
2247:
2243:
2233:
2231:
2227:
2220:
2215:
2214:
2210:
2200:
2198:
2193:
2192:
2188:
2178:
2176:
2163:
2162:
2158:
2148:
2146:
2133:
2132:
2128:
2118:
2116:
2103:
2102:
2098:
2088:
2086:
2073:
2072:
2068:
2058:
2056:
2051:
2050:
2043:
2033:
2031:
2022:
2021:
2017:
2007:
2005:
1997:
1993:
1992:
1988:
1978:
1976:
1972:
1971:
1962:
1952:
1950:
1943:
1942:
1938:
1925:
1924:
1915:
1905:
1903:
1899:
1892:
1891:
1887:
1877:
1875:
1871:
1864:
1863:
1859:
1829:
1828:
1824:
1814:
1812:
1800:
1795:
1794:
1790:
1780:
1778:
1759:
1754:
1753:
1746:
1736:
1734:
1731:
1724:
1723:
1719:
1709:
1707:
1701:
1700:
1696:
1686:
1684:
1678:
1677:
1673:
1659:
1658:
1654:
1644:
1642:
1633:
1632:
1628:
1598:
1597:
1593:
1583:
1581:
1572:
1571:
1567:
1557:
1555:
1546:
1545:
1541:
1527:
1526:
1522:
1515:
1498:
1497:
1493:
1483:
1481:
1477:
1473:
1472:
1468:
1458:
1456:
1447:
1446:
1442:
1431:
1429:
1425:
1420:
1419:
1412:
1405:
1397:. p. 138.
1390:
1383:
1382:
1378:
1373:
1311:
1198:Meridian Energy
1108:
1085:Other retailers
886:Meridian Energy
763:Meridian Energy
727:
715:Meridian Energy
691:and retailing.
677:market clearing
673:
522:
475:Meridian Energy
382:
373:
365:
361:
352:
350:
345:
343:
339:
335:
318:
306:
282:
263:
258:
213:system operator
211:in its role as
189:
151:Meridian Energy
44:
12:
11:
5:
2643:
2641:
2633:
2632:
2627:
2617:
2616:
2613:
2612:
2603:
2597:
2592:
2582:
2574:
2573:External links
2571:
2570:
2569:
2563:
2548:
2545:
2542:
2541:
2519:
2496:
2477:
2458:
2436:
2401:
2365:
2339:
2313:
2292:
2271:
2250:
2241:
2208:
2186:
2156:
2126:
2096:
2066:
2041:
2015:
1986:
1960:
1936:
1913:
1885:
1857:
1822:
1788:
1744:
1717:
1694:
1671:
1652:
1626:
1607:(2): 340–346.
1591:
1565:
1539:
1520:
1513:
1491:
1466:
1440:
1410:
1403:
1375:
1374:
1372:
1369:
1368:
1367:
1362:
1357:
1352:
1347:
1342:
1337:
1332:
1327:
1322:
1317:
1310:
1307:
1269:
1268:
1265:
1262:
1259:
1256:
1253:
1250:
1244:
1243:
1240:
1237:
1234:
1231:
1228:
1225:
1223:Mercury Energy
1219:
1218:
1215:
1212:
1209:
1206:
1203:
1200:
1194:
1193:
1190:
1187:
1184:
1181:
1178:
1175:
1173:Genesis Energy
1169:
1168:
1165:
1162:
1159:
1156:
1153:
1150:
1148:Contact Energy
1144:
1143:
1140:
1137:
1134:
1131:
1130:Generation GWh
1128:
1125:
1107:
1104:
1101:
1100:
1098:
1096:
1094:
1092:
1089:
1086:
1082:
1081:
1078:
1075:
1072:
1069:
1066:
1063:
1061:Flick Electric
1057:
1056:
1053:
1050:
1047:
1044:
1041:
1038:
1032:
1031:
1028:
1025:
1022:
1019:
1016:
1013:
1007:
1006:
1003:
1000:
997:
994:
991:
988:
982:
981:
978:
975:
972:
969:
966:
963:
957:
956:
953:
950:
947:
944:
941:
938:
932:
931:
928:
925:
922:
919:
916:
913:
911:Mercury Energy
907:
906:
903:
900:
897:
894:
891:
888:
882:
881:
878:
875:
872:
869:
866:
863:
861:Contact Energy
857:
856:
853:
850:
847:
844:
841:
838:
836:Genesis Energy
832:
831:
828:
825:
822:
819:
816:
812:
811:
808:
805:
802:
786:Mercury Energy
759:Mercury Energy
757:, megaEnergy,
747:Genesis Energy
731:Contact Energy
726:
723:
711:Mercury Energy
707:Genesis Energy
703:Contact Energy
679:, regulation,
672:
669:
668:
667:
656:
653:
650:
647:
644:
640:
637:
634:
631:
628:
625:
622:
619:
616:
601:
600:
599:
596:
593:
590:Contact Energy
579:
576:
573:
570:
567:
560:
557:
556:
555:
552:
545:
530:
521:
518:
514:National Party
471:Genesis Energy
433:
432:
429:
426:
381:
378:
328:Genesis Energy
317:
314:
275:economic rents
262:
259:
257:
254:
188:
185:
147:Mercury Energy
143:Genesis Energy
139:Contact Energy
43:
40:
13:
10:
9:
6:
4:
3:
2:
2642:
2631:
2628:
2626:
2623:
2622:
2620:
2611:
2607:
2604:
2601:
2598:
2596:
2593:
2590:
2586:
2583:
2580:
2577:
2576:
2572:
2566:
2560:
2556:
2551:
2550:
2546:
2534:
2528:
2526:
2524:
2520:
2515:
2511:
2505:
2503:
2501:
2497:
2492:
2486:
2484:
2482:
2478:
2473:
2467:
2465:
2463:
2459:
2451:
2445:
2443:
2441:
2437:
2424:
2420:
2414:
2412:
2410:
2408:
2406:
2402:
2390:
2386:
2380:
2378:
2376:
2374:
2372:
2370:
2366:
2353:
2349:
2343:
2340:
2328:. Consumer NZ
2327:
2323:
2317:
2314:
2302:
2296:
2293:
2281:
2275:
2272:
2260:
2254:
2251:
2245:
2242:
2226:
2219:
2212:
2209:
2196:
2190:
2187:
2174:
2170:
2166:
2160:
2157:
2144:
2140:
2136:
2130:
2127:
2114:
2110:
2106:
2100:
2097:
2084:
2080:
2076:
2070:
2067:
2054:
2048:
2046:
2042:
2030:. 1 June 2011
2029:
2025:
2019:
2016:
2003:
1996:
1990:
1987:
1975:
1969:
1967:
1965:
1961:
1948:
1947:
1940:
1937:
1933:
1928:
1922:
1920:
1918:
1914:
1898:
1897:
1889:
1886:
1870:
1869:
1861:
1858:
1853:
1849:
1845:
1841:
1837:
1833:
1826:
1823:
1810:
1806:
1799:
1792:
1789:
1777:
1773:
1769:
1765:
1758:
1751:
1749:
1745:
1730:
1729:
1721:
1718:
1705:
1698:
1695:
1682:
1675:
1672:
1667:
1663:
1656:
1653:
1640:
1636:
1630:
1627:
1622:
1618:
1614:
1610:
1606:
1602:
1595:
1592:
1579:
1575:
1569:
1566:
1553:
1549:
1548:"Powerswitch"
1543:
1540:
1535:
1531:
1524:
1521:
1516:
1514:0-86473-525-1
1510:
1506:
1502:
1495:
1492:
1476:
1470:
1467:
1454:
1450:
1444:
1441:
1424:
1417:
1415:
1411:
1406:
1404:0-86473-525-1
1400:
1396:
1389:
1388:
1380:
1377:
1370:
1366:
1363:
1361:
1358:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1331:
1328:
1326:
1323:
1321:
1318:
1316:
1313:
1312:
1308:
1306:
1302:
1299:
1296:as a natural
1295:
1290:
1288:
1284:
1280:
1275:
1266:
1263:
1260:
1257:
1254:
1251:
1249:
1246:
1245:
1241:
1238:
1235:
1232:
1229:
1226:
1224:
1221:
1220:
1216:
1213:
1210:
1207:
1204:
1201:
1199:
1196:
1195:
1191:
1188:
1185:
1182:
1179:
1176:
1174:
1171:
1170:
1166:
1163:
1160:
1157:
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1151:
1149:
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1132:
1129:
1126:
1123:
1122:
1116:
1113:
1105:
1099:
1097:
1095:
1093:
1090:
1087:
1084:
1083:
1079:
1076:
1073:
1070:
1067:
1064:
1062:
1059:
1058:
1054:
1051:
1048:
1045:
1042:
1039:
1037:
1034:
1033:
1029:
1026:
1023:
1020:
1017:
1014:
1012:
1011:Electric Kiwi
1009:
1008:
1004:
1001:
998:
995:
992:
989:
987:
984:
983:
979:
976:
973:
970:
967:
964:
962:
959:
958:
954:
951:
948:
945:
942:
939:
937:
934:
933:
929:
926:
923:
920:
917:
914:
912:
909:
908:
904:
901:
898:
895:
892:
889:
887:
884:
883:
879:
876:
873:
870:
867:
864:
862:
859:
858:
854:
851:
848:
845:
842:
839:
837:
834:
833:
829:
826:
823:
820:
817:
814:
813:
810:South Island
799:
793:
791:
787:
782:
780:
776:
772:
768:
764:
760:
756:
752:
748:
744:
743:Energy Online
740:
739:Energy Direct
736:
735:Electric Kiwi
732:
724:
722:
720:
716:
712:
708:
704:
699:
697:
692:
690:
686:
682:
678:
670:
665:
661:
657:
654:
651:
648:
645:
641:
638:
635:
632:
629:
626:
623:
620:
617:
614:
610:
606:
603:April 1999 –
602:
597:
594:
591:
587:
586:
584:
580:
577:
574:
571:
568:
565:
561:
558:
553:
550:
549:
546:
543:
539:
535:
531:
528:
524:
523:
519:
517:
515:
511:
507:
506:Russel Norman
503:
499:
495:
491:
486:
483:
481:
476:
472:
467:
465:
459:
455:
453:
450:
444:
440:
436:
430:
427:
424:
423:
422:
420:
416:
411:
408:
402:
400:
396:
392:
388:
379:
377:
371:
359:
333:
329:
325:
323:
315:
313:
310:
304:
300:
295:
293:
289:
280:
276:
272:
268:
265:In 2009, the
260:
255:
253:
249:
245:
241:
238:
234:
230:
227:
225:
220:
216:
214:
210:
206:
202:
193:
186:
184:
182:
178:
176:
172:
168:
162:
160:
156:
152:
148:
144:
140:
131:
127:
125:
121:
117:
113:
108:
106:
102:
97:
95:
89:
86:
81:
79:
75:
70:
67:
65:
61:
57:
53:
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41:
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37:
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29:
25:
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2554:
2514:the original
2427:. Retrieved
2423:the original
2392:. Retrieved
2356:. Retrieved
2352:the original
2342:
2330:. Retrieved
2325:
2316:
2304:. Retrieved
2295:
2283:. Retrieved
2274:
2262:. Retrieved
2253:
2244:
2232:. Retrieved
2225:the original
2211:
2201:28 September
2199:. Retrieved
2189:
2177:. Retrieved
2173:the original
2168:
2159:
2147:. Retrieved
2143:the original
2138:
2129:
2117:. Retrieved
2113:the original
2108:
2099:
2087:. Retrieved
2083:the original
2078:
2069:
2057:. Retrieved
2032:. Retrieved
2018:
2006:. Retrieved
1989:
1977:. Retrieved
1951:. Retrieved
1945:
1939:
1926:
1904:. Retrieved
1895:
1888:
1876:. Retrieved
1867:
1860:
1835:
1831:
1825:
1813:. Retrieved
1808:
1804:
1791:
1779:. Retrieved
1770:(1): 35–50.
1767:
1763:
1735:. Retrieved
1727:
1720:
1708:. Retrieved
1697:
1685:. Retrieved
1674:
1666:the original
1655:
1643:. Retrieved
1639:the original
1629:
1604:
1600:
1594:
1582:. Retrieved
1578:the original
1568:
1556:. Retrieved
1552:the original
1542:
1534:the original
1523:
1500:
1494:
1482:. Retrieved
1480:. Transpower
1469:
1457:. Retrieved
1453:the original
1443:
1430:. Retrieved
1386:
1379:
1303:
1291:
1279:WEL Networks
1276:
1272:
1109:
986:Pulse Energy
807:North Island
783:
728:
700:
693:
689:distribution
685:transmission
674:
588:Privatising
534:corporatised
502:Soviet Union
498:single buyer
490:Labour Party
487:
484:
468:
460:
456:
445:
441:
439:regulation.
437:
434:
412:
403:
387:market power
383:
326:
319:
311:
296:
264:
256:Market abuse
250:
246:
242:
239:
235:
231:
228:
224:nodal prices
221:
217:
198:
179:
163:
136:
109:
98:
90:
82:
71:
68:
56:distribution
52:transmission
45:
23:
19:
17:
15:
2600:Powerswitch
1838:: 419–434.
1127:Capacity MW
961:Nova Energy
804:New Zealand
767:Nova Energy
494:Green Party
201:spot market
175:Powerswitch
167:Consumer NZ
124:Tiwai Point
2619:Categories
2429:19 January
2394:21 January
2358:19 October
2332:20 January
2306:15 October
2285:15 October
2264:15 October
2059:15 October
2034:15 October
2008:15 October
1979:15 October
1878:8 November
1811:(2): 51–61
1645:15 October
1584:15 October
1449:"The Code"
1371:References
1248:Trustpower
1142:Ownership
936:Trustpower
830:ICP share
779:Trustpower
719:Trustpower
681:generation
643:appointed.
415:referendum
407:governance
209:Transpower
155:TrustPower
105:Transpower
48:generation
2589:WITS Data
2169:3 News NZ
2139:3 News NZ
2109:3 News NZ
2079:3 News NZ
1287:MainPower
1283:NZ Energy
1139:Customers
1136:Employees
827:ICP count
824:ICP share
821:ICP count
818:ICP share
815:ICP count
771:Powershop
316:Incidents
60:retailing
2179:19 April
2149:19 April
2119:19 April
2089:19 April
1706:(Report)
1683:(Report)
1558:15 March
1432:19 April
1309:See also
1264:258,118
1239:390,999
1214:279,616
1189:531,011
1164:429,556
613:retailer
492:and the
332:Hamilton
271:Stanford
122:and the
42:Overview
1953:10 June
1906:10 June
1840:Bibcode
1815:10 June
1781:10 June
1737:10 June
1710:10 June
1687:10 June
1609:Bibcode
1459:25 July
1233:1,678m
1208:2,904m
1205:13,332
1183:2,098m
1158:2,443m
1133:Revenue
1124:Company
965:112,640
955:12.01%
946:196,262
940:266,349
921:293,279
915:330,955
905:26.38%
902:153,368
896:196,262
890:349,677
880:25.80%
877:149,966
871:269,998
865:419,992
855:13.22%
846:411,547
840:488,416
801:Company
544:(ECNZ).
364:/MWh (€
349:/MWh (€
261:Studies
2561:
2234:13 May
1511:
1401:
1255:2,216
1230:6,563
1227:1,556
1202:2,654
1180:6,699
1177:1,942
1161:1,160
1155:9,514
1152:2,022
1088:16,626
1080:1.70%
1071:16,784
1065:26,672
1055:1.55%
1046:30,147
1040:39,163
1030:3.96%
1027:22,996
1021:55,353
1015:78,349
1005:5.50%
1002:31,984
996:52,487
990:84,472
980:2.50%
977:14,534
971:98,090
952:69,832
949:12.04%
943:12.03%
930:6.48%
927:37,647
924:17.97%
918:14.95%
899:12.03%
893:15.80%
874:16.55%
868:18.98%
852:76,844
849:25.22%
843:22.07%
751:GLOBUG
717:, and
540:– the
449:Oregon
397:, and
340:
336:
307:
283:
159:Manawa
58:, and
2608:from
2536:(PDF)
2453:(PDF)
2228:(PDF)
2221:(PDF)
1998:(PDF)
1900:(PDF)
1872:(PDF)
1801:(PDF)
1760:(PDF)
1732:(PDF)
1484:4 May
1478:(PDF)
1426:(PDF)
1391:(PDF)
1298:hedge
1258:993m
1091:0.75%
1077:9,888
1074:1.03%
1068:1.21%
1052:9,011
1049:1.85%
1043:1.77%
1036:Vocus
1024:3.39%
1018:3.54%
999:3.22%
993:3.82%
974:6.01%
968:5.09%
85:hedge
2587:and
2559:ISBN
2431:2016
2396:2022
2360:2011
2334:2016
2308:2011
2287:2011
2266:2011
2236:2009
2203:2014
2181:2013
2151:2013
2121:2013
2091:2013
2061:2011
2036:2011
2010:2011
1981:2011
1955:2016
1932:Text
1908:2016
1880:2018
1817:2016
1783:2016
1739:2016
1712:2016
1689:2016
1647:2011
1586:2011
1560:2014
1509:ISBN
1486:2009
1461:2013
1434:2022
1399:ISBN
1261:628
1252:593
1236:800
1211:820
1186:931
1110:The
777:and
473:and
366:2000
362:3000
181:MBIE
24:NZEM
18:The
2585:Em6
1848:doi
1772:doi
1617:doi
374:...
353:000
346:047
297:An
103:is
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