Development of whole sale power prices in NZ

Date 331addf45bb3516008aff5fb298ee62ac379c2c3a2b3907f5779c303044d921a Jul 13, 2020
Blog category fe5ce5147ae753a2d3756d369ad2708a946a9a272087e636187c73e45c076f93 Power

Wholesale Power Prices Meet Electricity Bills 

The fallout of the winter of 2016 has brought home the importance of wholesale power prices. With electricity bills more than doubling in late 2016, many Kiwis found it hard, not to mention outrageous, to struggle with the skyrocketing prices. If we add here the unpleasant fact that this past winter was, in fact, one of the warmest ones on record, the situation becomes even more complicated. Well, not so complicated as to overlook a simple solution:

Compare power deals and switch to a low user plan today! Glimp has got you covered: compare ALL hottest deals and find the best one for you within minutes!

Power prices NZ to keep skyrocketing, power companies say. What do we do?

As regards power prices NZ, they are certain to go higher, not the other way around. That is, at least, what Flick Energy reported in July. According to the wholesale power company, it is currently facing the worst, sustained prices in its history, resulting in customers getting nearly 50% higher bills. The dry winter period is to blame, company officials say, and the way we can affect weather conditions is not anywhere close to reality. We have to be aware of higher prices coming, the best deals we can possibly get and how to act to keep our bills as low as possible.

What may the solution be, then? We believe the salvation lies in NZ’s long-term plans to become 100% powered by renewable energy by 2025. Until then, we’d best cope with the rising prices, and the most appealing way to do it is by switching to a more affordable plan. Compare best power deals at Glimp and switch today!

Let us hereby explain the difference between the contract types. 

Wholesale Power Company Offers  

Wholesale power company offers vary in price and availability, as these factors depend on the region and the spot market alike. If you realize you need to decrease your bills but are not sure how to go about doing it, you are by no means alone. 

The good news is, there are only two contract types, and these are offered by all power companies in New Zealand. The first type is the standard plan – it has a high daily- and a low variable charge. The other one is the low user plan - it has a high variable- and a low daily fixed charge. 

As for wholesale power prices, standard plans' low variable charge varies between 20 and 30 cents per kWh. Low plans’ high variable charge varies between 25 and 40 cents per kWh. The daily fixed charge cannot go over 30 cents a day. If your household consumes up to 8,000kWh (9,000kWh in some areas) annually, you count as a low user. 

What is the difference between daily fixed and variable rate charge? The first implies the cost of network maintenance, the latter - the cost of your electricity usage. Variable rate charge covers various scenarios, and these you may well want to replace for cheaper ones. The options are, as follows:

  1. Anytime – same variable rate at all times;
  2. Controlled - lower rate during off-peak hours;
  3. Day/night - high variable rate from 7am to 11pm, low variable rate from 11pm to 7am.
  4. Night only – selected appliances are supplied from 11pm to 7am;
  5. TOU (time-of-use) - different rates for different times of day. High rates are applied during peak hours. 

Power companies NZ offer some or all of these, depending on the region. To qualify for TOU, you will need a smart meter. Compare deals at Glimp to get started and go from there. The full list of power companies (listed alphabetically) is provided below. Don’t be shy – contact them for additional details on deals that suit you.

  1. Black Box Power 
  2. Bosco 
  3. Contact Energy 
  4. Ecotricity 
  5. Electra Energy 
  6. Electric Kiwi 
  7. Energy Online 
  8. Flick Electric 
  9. Genesis Energy 
  10. Giving Energy 
  11. GLOBUG 
  12. Grey Power Electricity 
  13. Hopsta 
  14. Just Energy 
  15. King Country energy 
  16. MAD Power 
  17. MegaEnergy 
  18. Mercury Energy 
  19. Merdian Energy 
  20. Mighty River Power 
  21. Nova Energy 
  22. P2 
  23. Payless Energy 
  24. Powershop 
  25. Prime Energy 
  26. Property Power 
  27. Puaua to the People 
  28. Pulse Energy 
  29. Simply Energy 
  30. Switch Utilities 
  31. Tiny Mighty Power 
  32. Trust Power 
  33. Trustpower 
  34. Utilise 
  35. Wise Prepay Energy 


Wholesale Power Prices: Finishing Touches

With a smartly chosen low user plan, high wholesale power prices will soon cease to affect you. To some extent, at least, and prospects are looking up. Never pay more because of market fluctuations again! Don’t forget that NZ is working on its energy efficiency full force and is planning to go 100% renewable by 2025. 

Compare power deals and switch to a low user plan today! 

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Katie Uelese , 2021-01-18

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