Hon Simon Watts
Minister for Energy

Energy Minister Simon Watts welcomes Lodestone Energy’s move to become New Zealand’s newest electricity retailer.

“Energy is critical to growing New Zealand’s economy and lifting productivity. Our energy system should be supporting our businesses and industries to compete on the global stage by making sure they have access to reliable, affordable energy,” Mr Watts says.

“Our energy system also needs to better deliver for Kiwis who are feeling the pressure from the cost of living. We’ve heard too many reports of Kiwis getting a raw deal from our electricity market and last winter made it clear how a lack of competition is driving up energy prices and putting further pressure on families.

“That’s why this Government takes competition seriously. More competition in the energy sector means more affordable power prices, greater choices between providers and overall greater outcomes for Kiwis.”

Lodestone Energy is the most recent company to enter the electricity retail market as a major retailer.

“Independent retailers only hold a 11 percent market share of the retail market, and so new players entering the market is a signal of the sector’s confidence in this Government’s actions to strengthen and promote confidence and investment in the electricity market. Fresh perspectives are exactly what New Zealand needs to ensure Kiwis get a fair deal and our businesses can compete globally,” Mr Watts says.

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