![]() ![]() ![]() A level of earnings which itself followed last year’s record of $2.28 billion. His comment was prompted by the release of the four companies’ annual reports for 2022/23 showing record high combined gross earnings of $2.6 billion. ![]() The “big four” he’s referring to are the large generator-retailer (“gentailer”) firms Contact, Genesis, Mercury and Meridian Energy, which between them generate over 80 percent of New Zealand’s electricity and have about 85 percent of the residential retail electricity market. He also told his customers that Electric Kiwi had lodged a formal complaint with the Commerce Commission. In mid-September he wrote a bluntly worded email to the company’s 70,000 customers that, among other things, accused the big four electricity companies of “squeezing retail competition out by subsidising their bloated retail arms with the excess profi ts from generation”. Luke Blincoe, CEO of Electric Kiwi, is an affable, cheerful sort of bloke, but when it comes to New Zealand’s electricity market, he’s not one to mince his words. ![]()
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