The news that mattered this morning
Vector chair Michael Stiassny says he won't seek re-election at this year's annual meeting because he no longer has the support of controlling shareholder Entrust Trustees, which owns 75.1 percent of Vector and represents its electricity network customers.
The Electricity Authority (EA) softened the harder edges of its transmission pricing proposal yesterday, but the Government still faces political fallout from a plan that would increase power prices in Northland, Auckland and Westland, but deliver over NZ$77 million in benefits to Meridian Energy and NZ Aluminium Smelters (NZAS).
Prime Minister John Key has signalled the Government's surpluses in 2014/15 and 2015/16 are under pressure because of the slump in dairy prices this year.
A report for MBIE has found the Electricity Authority's NZ$15 million 'What's My Number' website and marketing campaign to encourage consumers to switch power retailers appeared not to have reduced power prices or increased competition much.
The average residential electricity bill rose 2.9% in 2013, including a 2.2% increase in distribution and transmission charges and a 3.4% increase in energy and retail charges.
The Electricity Authority has announced its Retail Advisory Group is considering recommending to the Authority that all retailers itemise lines charges in their bills.
Prime Minister John Key has defended significant increases in power prices for consumers as necessary to fund Transpower's national grid upgrades, arguing power price increases had been less under National than under Labour.
This chart (prepared by PwC for the Electricity Networks Association in May 2013) attempts to unravel the proportions of electricity charges related to lines distribution charges, electricity generation costs, network transmission costs and GST.
Mighty River Power Chief Executive Doug Heffernan has called for a debate about separating lines and power bills for retail customers, arguing it would help remove confusion over just who is moving power prices and why.