M-co Welcomes Government Power Package

M-co, the company that administers the electricity market in New Zealand, is welcoming yesterday’s Government announcement on the electricity industry as broadly consistent with the Caygill Inquiry’s Report.

“We were supportive of the Report and we endorse the messages of the Government’s Power Package,” said Philip Bradley, Chief Executive of M-co. “It’s good to see the Government establishing a clear set of policy guidelines and setting expectations for the industry. This sort of approach has proven very successful in the past and I am sure the industry will work hard and deliver on all the objectives.”

The Minister of Energy, Hon. Pete Hodgson, has said throughout the review process that he favours industry solutions where possible and regulatory solutions where necessary. His Power Package continues to favour the electricity industry’s proven ability to manage its own change and builds on the work done by the Caygill Inquiry.

“It’s good to see that New Zealand’s successful track record in self-regulation will continue, even though the structure of the industry will be different,” said Mr Bradley.

“Of course the devil is in the detail of the Government Policy Statement that will be finalised in three or four weeks, and we look forward to working with the industry and Government to ensure the best results for both consumers and business,” he said.

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As the administrator of the New Zealand wholesale electricity market (NZEM) and the agreement that governs retail competition in the electricity sector (MARIA), M-co is commenting only on those aspects of the Power Package that affect the wholesale market and retail competition.

For further information, please contact:
Philip Bradley, M-co Chief Executive
Ph: 04 473-5240 (bus) 021-916-186 (mobile)

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