31 Aug 2023

Consumer: Gentailers post whopping profits as households struggle

From Nine To Noon, 9:25 am on 31 August 2023
Family warming hands near electric heater at home, closeup.

Photo: 123RF

Consumer NZ says nearly a fifth of households have struggled to pay their power bills over the past year, while the big four generation and retail power companies or gentailers have made their largest-ever single-year rise in earnings.

Meridian, Contact, Genesis and Mercury made $2.7b in operating profits, but Consumer NZ CEO Jon Duffy says it comes as many Kiwis can’t afford to heat their homes.

Kathryn talks to him about how switching companies can only go so far with power savings and why he feels the current market structure isn't providing sufficient competition.

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