Time of use pricing
On 1 April 2020, we introduced a two-part time of use (TOU) residential price structure (daily fixed price with different volumetric prices depending on the time period when the electricity is used) that has peak time pricing during 7am-11am and 5pm-9pm weekdays and off-peak pricing during other times. The change to TOU means that during peak times our volumetric prices will be higher than during off-peak times, which better reflect the costs of electricity distribution and transmission as high electricity demand puts pressure on the electricity networks.
TOU is the best current overall candidate for a standard price structure resulting from a thorough recent review of our price structures balancing the trade-off between competing goals such as cost reflectivity, simplicity, acceptability and bill impact, underpinned by regulatory requirements including the Low User Fixed Charge Regulations and Electricity Authority’s Pricing Principles.
TOU pricing offers residential and general consumers the ability to reduce their electricity bill by shifting some electricity use from peak to off-peak times. Please contact your retailer to see if they are offering a TOU plan that passes through to you the benefits of our TOU pricing. A smart meter capable of communicating interval consumption data is required.
Controlled gas tariff
On 1 April 2020, we merged our controlled and gas price categories for electricity consumers. These plans were previously priced at the same rates and designed to reward residential consumers for the benefit these households deliver to us in helping to reduce load during peak periods, via electrical hot water load control system or gas connections which typically use less electricity during peak periods.
If you want to know whether you’re eligible for the controlled price plan and would benefit from making a switch, get in touch with your electricity retailer.