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Power prices fall first time in 15y: MBIE

NZ NewswireNZ Newswire 16/06/2016

The price Kiwis are paying for their electricity has fallen for the first time in 15 years, government research says.

The Ministry of Business, Innovation and Employment's latest quarterly survey has found the per unit price of electricity to retail customers had fallen by 1.4 per cent in the year to March.

The last time prices went down in a quarter was 2001, according to MBIE.

Customers had been swapping power providers at record rates, prompting more discounts to keep people from switching, MBIE's energy trends manager James Hogan said.

"The decrease in residential electricity costs was driven by increased discounting activity and incentive credits, which rose 10 per cent compared to the previous year."

However, the figures for the year to June, showed a rise of 1.5 per cent on the back of changes to line changes in April.

The survey also found coal-fired generation had fallen a staggering 54 per cent in the year to March, while fossil fuel energy was down 24 per cent and gas 13 per cent.

Renewable sources made up 82.2 per cent of generation for the year.

"The amount of carbon emissions produced from electricity generation was at its lowest level in 20 years," Mr Hogan said.

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