Investor news

Meridian welcomes the final report and recommendations of the Electricity Price Review panel and the Government’s response.

Meridian’s Chief Executive Neal Barclay says, “Meridian feels the report and the commitment from the Government to implement various recommendations is balanced, well-considered, and reflects the fact that overall the sector is performing well for New Zealanders.”

“We’re still reviewing the paper in full, but we do support initiatives that will help customers that struggle to pay their electricity bills.”

“We’re very pleased with the proposals to phase out the low user tariff regulations and encourage all retailers to stop clawing back prompt payment discounts,” adds Mr Barclay. The Government will write to retailers to seek their assistance with removing prompt payment discounts and will consider regulation to prohibit the practice if retailers do not assist.

In October last year Meridian made the decision to replace prompt payment discounts with a fairer pricing structure. We believe this change has materially helped those customers who struggle to pay their bills on time as they no longer lose their discount as a result of late payment.

“Meridian has been the only major energy retailer to end prompt payment discounts and our customers already benefit. If all retailers did the same New Zealand consumers would save about $45 million a year,” adds Mr Barclay. “We look forward to working with the Government to encourage other retailers to follow suit.”

If you’re concerned you’re not getting the best deal, jump on Powerswitch. It’s an independent service funded by all retailers and provided by Consumer NZ and allows you to find the best retail deal for your situation.

Meridian will now take the time to consider the detail of the final report.

ENDS

Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772

For media queries, please contact:
Claire Shaw
Corporate Communications Manager
021 370 677