Electricity spot pricing

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cddt

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#3277183 30-Aug-2024 14:12

On topic, the wholesale spot price of electricity is currently $0.02 / MWh across the country. Basically free.

Guess the manufacturers who were complaining just had to wait out the price spike.

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Crysoganus

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#3285414 23-Sep-2024 12:50

michaelmurfy:

Zeon: Electric Kiwi are about to head out of the electricity game as a result of this, got this email the other day. At our address Contact are offering $0.21/KWh anytime + 3 hours free per day...

I was on EK a few years back and had quite a massive price bump causing me to move to Octopus who have been great.

I'm actually annoyed that the changes are really affecting the smaller companies advocating for cheaper power pricing. EK just can't compete and I imagine the same may happen to Octopus, Flick and other smaller providers who are not a Gentailer. This is forcing users to basically go to a Gentailer.

Just a year ago, Contact + Genesis were among the most expensive to provide power but now they're closing the gap compared to other providers and this really sucks.

I got EXACTLY the same message last month, however the prices were about twice yours and increased by over 40%. I'm in metropolitan Christchurch. Both the original and new rates attached.

Rather expensive to be in the south island where the power is generated at the moment!

michaelmurfy

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#3285480 23-Sep-2024 16:17

Electric Kiwi has become one of the most expensive providers now. Has been borderline for a few years now, but now it's basically official.

I can recommend Octopus Energy if you're wanting day / night rates. No hour of free power but really, you were paying for that anyway.

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mattwnz

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#3285482 23-Sep-2024 16:22

michaelmurfy:

Electric Kiwi has become one of the most expensive providers now. Has been borderline for a few years now, but now it's basically official.

I can recommend Octopus Energy if you're wanting day / night rates. No hour of free power but really, you were paying for that anyway.

I am surprised at how expensive power is compared to what they pay overseas like in the US. NZ used to have some of the cheapest power.

I don't think Octopus is all that cheap for low power users. Franks prices is cheaper in my area. Daily rate is also cheaper. They only however have a single rate per kWh, so can't benefit from cheaper night and off peak rates.

Delorean

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#3285490 23-Sep-2024 17:02

Unfortunately the cheaper priced plans are now with the gentailers.

Any of the smaller resellers can't get the hedging contract low enough to be competitive. I can see the current price hikes are due to the contracts been renewed at the new wholesale pricing

Say day actually. This is going back to the day prior to the reforms of the 90's except pricing wasn't the issue back then (it was competition and lack of choice of the provider)

These gentailers have got away with too much in recent years which is just making NZ no longer competitive to manufacture products now. (Winstone shutting down the mill as an example)

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zenourn

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#3285673 24-Sep-2024 09:33

Those c/kWh prices are crazy. My current anytime rates are 14.7 c/kWh (incl GST), however we do have a much higher daily charges in our region (North Canterbury). This suits me as I'm a high user averaging over 100 kWh/day.

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michaelmurfy

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#3285677 24-Sep-2024 09:49

Delorean: Say day actually. This is going back to the day prior to the reforms of the 90's except pricing wasn't the issue back then (it was competition and lack of choice of the provider)

These gentailers have got away with too much in recent years which is just making NZ no longer competitive to manufacture products now. (Winstone shutting down the mill as an example)

Not turning this political, but,

"Energy Minister Max Bradford today rejected claims by power companies that electricity prices would rise under the Coalition Government's reforms package." Source.

Didn't listen to advise and here we are today. The issues did exist back then and this is the problem with privatization and don't think about the long term future, only think about now.

A good article also: https://northandsouth.co.nz/2024/07/15/are-the-big-four-electricity-generators-ripping-us-off/

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