Auckland’s poles and wires are a regulated monopoly three-quarters owned by a trust that posts its customers a cheque.
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Meridian and the Tiwai Point smelter, Contact, the gentailers, the gas shortage and Vector: the business of power in a hydro-dependent island grid.
Auckland’s poles and wires are a regulated monopoly three-quarters owned by a trust that posts its customers a cheque.
Reserves fell 23% in a year, the biggest customer is closing and the import terminal meant to fix it is delayed.
Four firms generate and sell most of New Zealand’s power; in August 2024 the lakes ran low and the model was put on trial.
The only big New Zealand generator with no state shareholder bet on steam, then bought 26 hydro schemes.
New Zealand’s biggest generator and its biggest customer are locked together until 2044 — and both now profit from it.
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