GENERAL: PLU: Pulse calls for action on hedge market development

2 Jun 2010 4:13 pm

PLU 02/06/2010 GENERAL

REL: 1612 HRS Pulse Utilities New Zealand Limited

GENERAL: PLU: Pulse calls for action on hedge market development

MEDIA RELEASE 2 June, 2010

Pulse calls for action on hedge market development

Pulse Energy, New Zealand's independent electricity retailer and smart meter specialist today called for action on the development of Minister Gerry Brownlee's electricity hedge market which was due to be operational by 1st June this year.

Pulse CEO Dene Biddlecombe says "the increased competition and security of supply the Minister has called for relies on a liquid hedge market, but so far we have no idea when it will be operational. The lack of information from major electricity generators tasked with setting up the market, and the fact that the 1st June market start date has been and gone, is a major concern."

Efficient and guaranteed supply is one of the major barriers to market for smaller retailers who would improve competition and force electricity prices down. Hedge market functions need to be known in advance for smaller retailers to operate in the marketplace. "These delays are unacceptable to improving retail competition, which is the aim of the exercise," says Biddlecombe.

Biddlecombe commends the Electricity Commission for the work they have done on carrying out the government's objectives through interventions recommended by the ministerial review, "but greater retail competition will not come about without the creation a liquid hedge market," he says.

For more information contact: Dene Biddlecombe Chief Executive Officer Pulse Utilities Tel +64 9 378 9981 Email: dene.biddlecombe@punz.co.nz www.punz.co.nz

About Pulse Utilities: Pulse Utilities New Zealand Limited was listed on the New Zealand Stock Exchange - on the NZAX Board in November 2007. www.punz.co.nz

About Pulse Energy: Pulse Energy is the trading name of Pulse Utilities New Zealand (PUNZ). Pulse Energy is committed to bringing lower cost electricity to New Zealand Households. It is also one of the country's fastest growing electricity retailers. Incorporated in 2004, PUNZ developed unique and patented technology to easily and efficiently measure utility usage through their Smart Meter device. In 2007, the company was listed on the NZAX. www.pulseenergy.co.nz

[Ends] End CA:00195688 For:PLU Type:GENERAL Time:2010-06-02:16:13:00

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