As per new data by the Ministry of Business, Innovation and Employment (MBIE), power bills in New Zealand are its lowest since 2009, reaching a 11-year low.
The average household has paid $2067 in the year to March 2020, and the annual average electricity consumption has dropped from 7279kWh per household in 2015 to 7099kWh in 2020. It is down from a high of 8151kWh in 2005.
The cost per kilowatt hour fell by 1.8 per cent compared to the same time one year back.
The chief executive of Electricity Retailers Association Cameron Burrows said the fall was driven by an increase in competition. There were now 30 power companies operating, making it the most competitive market ever. The 2020 average annual bill was lower than in 2017 and 2018, when average consumption was lower. Improvements in the quality of housing and heating efficiency had also led to savings, he said.
“New Zealand has the 10th cheapest electricity in the OECD, and it comes to Kiwis in a way that’s highly renewable, very reliable, and with a great amount of choice. Increasingly we’re seeing price isn’t the only thing that matters. Consumers care about non-price factors like plans that bundle in other utilities, offer smoothed monthly payments to avoid winter bill peaks, and different billing schedules to suit a customer’s circumstances,” said Burrows.
This article was sourced from stuff.co.nz
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