Meridian Energy is "mean and greedy" not to consider price reductions despite electricity demand falling due to record warm temperatures, according to consumer price watchdogs.
Meridian Energy's latest operating report said demand fell 3 percent in June - the warmest June since records began in 1909, the National Institute of Water and Atmospheric Research says.
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But chief financial officer Paul Chambers said none of these factors had a bearing on the price consumers paid for electricity.
But energy analyst Molly Melhuish agreed June was warm but believed more people were using less heating because they could not afford the current prices. Ms Melhuish said the idea of competition was that the consumer would pay the price the market would bear, and the market would not bear the current high prices so many people were simply turning their heating off.