No to more
Flick Electric says it is not able to take on new customers because of high wholesale electricity prices. The Wellington-based company, majority owned by Z Energy and Eastland Energy, said in an update that the move was temporary and would not affect its 27,000 existing customers. “High wholesale prices mean that it’s no longer affordable to buy electricity hedges in advance to cover new customers.” This week Meridian, the largest generator in New Zealand which also has a substantial retail business, pushed back against the calls, claiming a campaign was underway to discredit the vertically integrated model. The Electricity Authority is reviewing the functioning of the wholesale spot and futures market. The results are expected in around two months.