A welcome $7.2m mid-year boost to the local economy
Top Energy’s annual lines charge discount of up to $250 will be paid from May 2023.
Mr Shaw says with the high cost of living right now, the discount will be welcome mid-year boost for residential and commercial customers connected to the Top Energy network.
“This year we are giving back $7.2million to our customers as a thank you for being connected to our network.”
“All eligible electricity account holders, regardless of how they pay their power bills, will see the credit on their May power bill issued by their electricity retailer.”
The amount paid is based on the level of energy consumed with 90% of consumers receiving a $250 rebate, commercial accounts will receive a higher amount and low usage accounts will receive less.
In addition, Mr Shaw says, the company is absorbing the 205% increase in transmission costs and 7% inflation.
“Our goal is to deliver affordable electricity pricing to our consumers in the Far North. By 2030, we aim to have our electricity pricing in the industry’s lowest quartile, while keeping the current level of reliability,” Mr Shaw says.
Mr Shaw says over the last three years the company has reduced its lines charges by 24%. In 2020 lines charges decreased by 15% and by a further 9% decrease in 2022.
In 2023, overall line charges will not change, a significant outcome in the current environment where Transmission pricing, a major pass-through component of our charges have increased by 205%.
Over time we intend to increase our distributions to our consumers due to our investment in the Ngāwhā geothermal power station and our move to 100% locally generated electricity.
Top Energy is a trust owned by electricity consumers of the Far North. If you’re connected to the Top Energy network, you qualify for a lines discount of up to $250 as a return on your investment which will be applied to your May bill.