Recently you were asked if Top Energy should remain under the ownership of the Top Energy Consumer Trust.
A resounding YES was received with 96% of submitters indicating their support to continue with the current ownership structure. This means that Top Energy remains 100% owned by a Consumer Trust on behalf of the 33,000 consumers connected to our network in the Far North.
Why consumer ownership matters
Our focus is on delivering benefits to our wider community by supporting growth and innovation in the management and operation of the Top Energy network. This is done through investment in the network to improve reliability and security of the power supply and in major growth projects such as the Ngawha Geothermal power station and back up generation for Kaitaia and surrounding areas.
Bringing the cost of power down in the Far North
Under local ownership, we have decreased network line costs by 15% in 2020 and this year our overall prices that came into effect in April came down by 9%.
Annually, we pay a lines charge discount of up to $250 to people connected to our network as a return on their investment. In 2024 we plan to increase your payment by $50 to $300, and continue to increase it every few years.
On commissioning of the Ngāwhā geothermal power station, the Far North experienced a drop of 4% in wholesale electricity prices. The benefit of local generation will continue to help us reduce the cost of electricity over time as we pay down the debt incurred to construct the Ngāwhā development.
We have improved our position in reducing the average amount a consumer on the Top Energy network pays over a year for line charges (see our ranking on chart below). We know we still have work to do but we are heading in the right direction. Thanks for your support!
Published in Far North newspapers week beginning 12 September