20 February 2019
ELECTRIC KIWI SUPPORTS ELECTRICITY PRICE REVIEW FINDINGS
– BUT WITH ONE PROVISO
Electric Kiwi, the fastest-growing power company in New Zealand, has come out in support of the Electricity Price Review findings today – but with one proviso.
Chief executive Luke Blincoe says the company is pleased to see the review panel calling out issues such as prompt payment discounts and win-backs.
“We’ve been saying for some time that Kiwi consumers are being ripped off by the customer retention tactics of the big market players. Consumers are not going to see overall downward pressure on prices if the big guys can get away offering good rates to switchers. It undermines genuine challengers while allowing the big guys to keep high prices for people who don’t switch. On that level it’s reassuring to see the panel recommending that win-backs are banned.”
Blincoe says the one proviso he has is that the panel’s recommendations to the Government need to be implemented sooner rather than later.
“Submissions on the paper close on March 22 and the panel will make a formal recommendation to the Government mid-year. We urge the panel to make clear time-based recommendations so improvements to the current system are put in place as soon as possible for the benefit of Kiwi consumers.
“Current industry behaviours impact on loyal customers and those who can least afford high power prices, such as the elderly and people on low incomes. That needs to change – and change urgently.”