MightyRiverPower to keep energy price on hold, other prices could change

Thursday 22nd January 2015

MightyRiverPower, the first of the state owned power companies to be partially privatised in 2013, will keep the price it charges for electricity on hold for a third year in a row, but again will pass on any movements in the transmission and distribution prices that account for half a customer's bill.

The energy component of a power bill is between 50 and 60 percent of the total, and Auckland based MRP says it won't move that element for its electricity and gas customers. General manager customer James Munro said the regular April 1 review of regulated charges relating to lines companies and national grid operator Transpower will be passed on as usual.

"For the third year in a row we have decided not to increase our headline energy prices," Munro said in a statement. "That fact reflects both our customer first approach and the intensely competitive retail electricity market where we have more players competing for customers than just about any other retail sector."

Last month MRP quit its Chilean and German geothermal investments while retaining its US interests including a share of a 50 megawatt operating plant and a minority stake in a geothermal development firm, after deciding to shift its focus to consumer focused growth options, such as smart meter deployment and data services.

The shares last traded at a record close $3.42, and have climbed 69 percent over the past 12 months.

BusinessDesk.co.nz

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