Natural Gas hikes electricity price

The company is increasing electricity prices for small business and residential customers by 2 cents a unit in response to the current high wholesale prices.

That equals around 50 cents per day more for the average user or $15 extra per month.

The rise comes only a few months after On Energy went to the market touting that more than 80% of its customers would benefit from a change in Transpower and local distribution charges.

MD John Barton says the increases can be attributed entirely to the unprecedented high wholesale prices of the last few weeks.

"We had hoped we could avoid increasing prices but we have no choice. On Energy commits to regularly review wholesale electricity prices and as soon as these prices return to normal levels, we will reduce prices to our customers.

The price rises will take effect from the start of July in Waitemata, Wellington, Thames Valley and Christchurch and from the middle of July in Waikato.

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