At the last election Labour and the Greens proposed nationalising our power markets.
Their plan was utterly crazy and based on lies and false promises. Fortunately it isn’t really needed, as the market has taken care of it.
The latest New Zealand Energy Quarterly, released today by the Ministry of Business, Innovation and Employment (MBIE), shows the average cost of electricity paid by residential consumers has fallen for the first time in 15 years.
Average sales-based electricity cost data for the year ended March 2016 indicates the average residential cost per unit of electricity used over the period was 1.7 per cent lower than in the previous year.
“The decrease in residential electricity costs was driven by increased discounting activity and incentive credits, which rose 10 per cent compared to the previous year,” says James Hogan, MBIE’s Manager of Energy and Building Trends.