Submission on retail market monitoring

FinCap welcomes the opportunity to comment on the Electricity Authority Improving retail market monitoring: clause 2.16 information notice Consultation paper (Consultation Paper).

We strongly support the direction proposed where the Electricity Authority would require detailed data, back to 2018, about a range of outcomes for consumers.

The ongoing benefits of improved decision making towards consumers having better access to their essential electricity services without hardship will far outweigh costs for setting up this reporting.

Financial mentors met demand from 49,468 whānau in 2022 and their median weekly expenses as a proportion of income was 104.3%.

Issues with essential energy services increasing this strain on budgets or worsening health need addressing. With improved monitoring the scale of a potential systemic issue pointed out by financial mentors could be identified and addressed much faster by the Electricity Authority.

Read the submission here.