Electricity users will be able to change their supplier more quickly under a rule change approved by Energy Minister Gerry Brownlee.From October, power companies will have to switch customers within 10 working days of being asked, and half of all switches
Electricity users will be able to change their supplier more quickly under a rule change approved by Energy Minister Gerry Brownlee.
From October, power companies will have to switch customers within 10 working days of being asked, and half of all switches must occur within five working days.
The current rule allows up to 23 working days for a switch.
Mr Brownlee said the ministerial review of the electricity market indicated residential customers could save about $100 a year -- or $150 million across all customers -- by switching to the cheapest available retailer.
Other estimates have been higher, with Consumer New Zealand suggesting a small household could save up to $442 a year and a large household more than $1000 a year by switching power companies.
"It's a fact that New Zealanders can get cheaper power by shopping around, and it's heartening to see a switching culture bedding in," Mr Brownlee said.
"Those companies that make it quick and easy to switch, along with offering good deals, stand to win more customers."
Mr Brownlee said record numbers of customers had been switching suppliers -- a new high of 34,892 switches was reached during March this year.
People can compare the deals offered by different companies on www.powerswitch.org.nz
