The Electricity Price Review shows the market is operating effectively and the focus should now be the Government’s propensity to drive up energy costs, National’s Energy and Resources spokesperson Jonathan Young says.
“While the review panel found that residential electricity prices have risen 79 per cent in the past 28 years, in the past four years prices have actually edged up less than one per cent thanks to the competitive market established under the so-called Brownlee reforms.
The International Energy Agency in their 2017 review of New Zealand, described our electricity market as “a world leading example of a well-functioning electricity market, which continues to work effectively.
“But this Government’s track record is very poor in managing costs of energy, with increased petrol tax, and banning offshore exploration which will translate into higher energy costs for those reliant on natural gas.
“With business confidence at a new low ebb, the Government must be very cautious not to interfere or unnecessarily regulate the electricity industry which is being effectively honed by innovation and competition.
“The Government can’t credibly stand on the side of lower electricity prices when everything they are doing is pushing up costs on New Zealand households, including for energy.”