Electricity Sector Changes Create More Ways To Save
'The changes today are welcome developments for consumers who are not getting a fair deal at present from the energy market,' Mr Watts says.
'First, solar is getting another big boost – energy companies must now pay households with rooftop solar and battery who export their electricity to the grid at peak times a fair price for that electricity – this will help reduce power bills and encourage more solar installations and electricity generation.
'The large energy companies will also need to offer time of use plans by 30 June 2026 to provide better options for customers to save money by moving their electricity use from peak periods.'
Mr Watts says these simple solutions will help Kiwis with the cost-of-living impacts driven in part by rising electricity costs.
'New Zealand needs more electricity generation to power our economy, and Kiwis rightly expect abundant and affordable energy, which this government is taking action to deliver.
'The Government is working on a review of the electricity sector, with a focus on ensuring Kiwis get a fair price and aren't hit in their pockets, and on addressing energy shortages.
'The new rules announced today will give New Zealanders more ways to reduce their costs and will incentivise uptake of solar and battery systems, as well as drive power prices down over the long term. Ensuring energy companies pay a fair price for consumers exporting electricity to the network is one of the single best ways to help boost solar uptake to date.
'I want to see more New Zealanders benefitting from the smarter use of electricity. For this to happen, the electricity sector must appropriately reward consumers for the benefits they provide when they shift their power use away from peak times.
Mr Jones says that as our electricity market evolves, these small-scale systems will play an increasingly important role in enabling peak morning and evening demand to be met with local supply.
'With new, fairer rebates in place, there will be better opportunities for people to receive income from solar electricity they sell back to the grid.'
The Task Force was established by the Electricity Authority and Commerce Commission, with MBIE as an observer in August last year in response to the winter power crisis.
The Task Force is focused on enabling new generators and independent retailers to enter, and fairly compete, in the market as well as providing more options for consumers.
'I thank the Task Force members and the Authority for their work in reaching these decisions. There is more work to do, and I look forward to further Task Force decisions in coming weeks,' Mr Watts says.
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4 hours ago
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Advisers can guide families through the complexities of modern financial planning while respecting traditional family values and business principles. Remember, successful wealth preservation isn't just about maintaining financial assets a la Ward's study – it's about creating a legacy that reflects your family's values and aspirations for future generations. For many, this legacy is intimately tied to the land and the businesses that support it. The right professional guidance helps ensure this legacy endures by providing objective, comprehensive support that aligns with your family's long-term objectives, whether those involve expanding existing operations, diversifying into new areas, or preserving and enhancing what previous generations have built. Securing your family's future isn't as scary as the now-debunked '70% rule' makes it sound. Families already have enough hard work on their plates – working with a financial adviser to get family wealth planning on track means one less thing (or several less things) to worry about down the track.
