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Power watchdog confirms price reset from 2019 incident

Staff reporters
Tue, 17 Aug 2021

The Electricity Authority (EA) has confirmed it will reset wholesale electricity prices for a period in December 2019 when a “very unusual … confluence of factors” caused very high prices, inconsistent with the expected way the market should operate.The cost to all generators including Meridian Energy and Contact Energy will be about $80 million in less revenue and all spot purchasers (retailers and industrial consumers) will pay less.Over 98% of residential consumers are on fixed contracts and will not be directly impacted b...

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