Meridian, Contact accused of $60m power market abuse

Mon, 16 Dec 2019

Contact Energy and Meridian Energy have been accused of extracting more than $60 million from consumers by over-charging for their electricity while spilling water from their South Island dams.Haast Energy Trading has complained to the Electricity Authority that the two firms have breached the good conduct provisions of the industry’s code by manipulating their offers to hold prices higher than they would be, given the volume of water being spilled in recent weeks.The specialist energy trader believes the situation has created an undesirable tr...

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