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New Electricity Authority into effect today

A new authority responsible for promoting competition, reliable supply and efficient operation of the New Zealand electricity market comes into effect today in the form of the Electricity Authority.The authority replaces the Electricity Commission, with t

NZPA
Mon, 01 Nov 2010

A new authority responsible for promoting competition, reliable supply and efficient operation of the New Zealand electricity market comes into effect today in the form of the Electricity Authority.

The authority replaces the Electricity Commission, with the change being the result of a review into the sector ordered partly because of spiralling electricity prices over the past decade.

The Electricity Industry Bill was introduced following the review and passed into law in September.

Energy and Resources Minister Gerry Brownlee said the comprehensive set of measures it would operate under would over time deliver a more "competitive, responsive and responsible electricity sector for the long-term benefit of all New Zealand electricity consumers".

The main functions of the authority -- an independent Crown entity -- include:

* making and administering the rules governing the electricity industry through an Electricity Industry Participation Code

* monitoring compliance with the code and other provisions in the Electricity Industry Act, and regulations and enforcement action

* undertaking market facilitation measures such as education and providing guidelines, information and model arrangements

* industry and market monitoring and carrying out reviews, studies and inquiries into matters relating to the industry

* contracting for market operation services and system operator services

NZPA
Mon, 01 Nov 2010
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New Electricity Authority into effect today
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