A family-run power company launched in Dunedin is being hailed as a way to bring down the South Island city's electricity prices.
Payless Energy was formed three years ago, but only went public on Friday after being granted full market access. It is Otago's 10th retail power company and is promising a new, local approach.
Managing director Chessa Mierzejewski said it would create jobs and provide the cheapest power by using computer systems the company built itself without the use of external consultants.
Ms Mierzejewski said starting up has been much more complex than expected, due to regulations.
There is evidence that some other companies are already dropping their prices in Dunedin to match.
Electricity Authority chief executive Carl Hansen welcomed the new company, saying it would create greater competition and innovation, while Greypower said it means older people would be less likely to cut their heating back in winter.
