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Average annual power bill reaches 11 year low

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The average annual power bill has continued to fall, reaching a new 11-year low in real terms according to the latest data released by MBIE, Electricity Retailers’ Association Chief Executive Cameron Burrows says.

The average annual power bill in the year to March 2020 was $2067- down $156 in the past five years after inflation, and the lowest it’s been since 2009.

“Strong competition between power companies is helping keep prices down. There are now over 30 power companies meaning we’ve got the most competitive market ever, and everyone is working hard to keep customers and gain new ones. That’s a great incentive to keep prices low,” says Cameron.

“Improvements to housing quality and energy efficient heaters have also led to savings in power consumption over the past ten years, helping keep bills down - though that trend has recently reversed. Consumption is higher than it was in 2017 or 2018, but the average bill has continued to fall, meaning households are using more electricity compared to three years ago but paying $60 less in real terms.

“New Zealand has the 10th cheapest electricity in the OECD - and it comes to Kiwis in a way that’s highly renewable, very reliable, and with a great amount of choice.

“Increasingly we’re seeing price isn’t the only thing that matters - consumers care about non-price factors like plans that bundle in other utilities, offer smoothed monthly payments to avoid winter bill peaks, and different billing schedules to suit a customer’s circumstances.

“We encourage all Kiwis to have a chat to their power company and check they’re getting the most out of their plan, or to compare their options on Powerswitch. That’s something we should all be doing at least once a year.”

Annual average expenditure and consumption of electricity per household

Average annual residential expenditure (real)

Average annual consumption per household (kWh)

 

2003

$1,607

7469

2004

$1,759

7764

2005

$1,977

8151

2006

$1,887

7630

2007

$2,019

7840

2008

$1,976

7526

2009

$2,033

7644

2010

$2,143

7903

2011

$2,142

7623

2012

$2,182

7609

2013

$2,203

7507

2014

$2,212

7380

2015

$2,223

7279

2016

$2,172

7261

2017

$2,130

7048

2018

$2,106

7019

2019

$2,116

7141

2020

$2,067

7099

MBIE’s Electricity cost and price monitoring data is available here.

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