“New Zealand First can export green electricity in the goods and services we export, so it is ludicrous that we pay high ‘world prices’ for something that ought to be a core competitive advantage for us. New Zealand First will take steps to ensure that electricity is delivered to all New Zealanders at the lowest reasonable price while maintaining a viable industry. The first step is to completely review the failed electricity market, which sees retail prices out of any proportion to wholesale prices.”
— Rt Hon Winston Peters
ELECTRICITY PRICES & INDUSTRY ISSUES
- Establish four basic aims for policy: guarantee security of supply; achieving greater investment in the industry to produce and distribute electricity; facilitate energy efficiencies; and, to ensure that energy is supplied at a fair and reasonable price.
- Conduct a full Inquiry into high retail electricity prices – recent reviews in the UK and Australia have found major issues with similar ‘market reforms’ we adopted here.
- Review the Electricity Authority with regulatory functions to be transferred to the Commerce Commission.
- Cancel the Transmission Pricing Methodology and require Transpower to socialise transmission grid costs across New Zealand.
- Require Transpower to fund future transmission grid upgrades from its profits.
- Restore public ownership of the part-privatised generators (and WEL Networks) over time, by buying back shares when the market price for them is right.
- Review the number of local lines companies but leave any decision on amalgamation to the communities they serve while retaining full community ownership.
- Use New Zealand First’s boost of private and public Research and Development to develop new forms of energy generation.
- Adopt alternate energy options as technology and availability makes them practical to minimise the environmental impacts while guaranteeing continuity of supply.
- Ensure that applications for energy projects undergo a streamlined process directly through the Environment Court.
- Provide incentives for ongoing investment in electricity generation, with a particular focus on local generation where feasible.
- Drive carbon and energy efficient policies throughout local and central government by way of Carbon Budgets.