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New Zealand's biggest independent electricity retailer says it's no longer taking on customers because of wholesale energy prices.
Electric Kiwi says wholesale energy prices are up 50 percent on six months ago and high futures prices - what it buys to protect against the volatile spot prices - mean every new customer the retailer takes on would be loss-making for the business.
Chief executive Luke Blincoe says it's a market failure being overseen by the Electricity Authority and the Commerce Commission. He says smaller independent retailers like his are being squeezed while the big four generator-retailers - namely Mercury, Meridian Energy, Genesis Energy and Contact Energy - have the advantage of being able to insulate themselves from high spot pricing with their own generation.
Electric Kiwi is New Zealand's biggest independent retailer - with more than 67,000 customers.
Photo: 123RF