switching to efficiency services, can nz power companies evolve

8/3/2019 Switching to Efficiency Services, Can NZ Power Companies Evolve

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Switching to Energy EfficiencyServices, Can NZ Power

Companies Evolve?

Article by

Lewis Verduyn

October, 2011

Clutha River ForumPO Box 124, Lake Wanaka 9343, New Zealand

[email protected]

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Power companies in New Zealand operate under a business model that israpidly becoming outdated, while in other countries utilities are restructuring inlight of new technologies, policy changes and more demanding consumers, alldriven by a global hunger for energy efficiency in our resource limited world.But can New Zealand power companies adapt? And will they, eventually, jumpor be pushed?

Governments worldwide are focusing enormous attention on energy efficiency and

renewable generation, attempting to meet goals related to climate change, energysecurity, and energy intensity and job growth.

Change in the electricity sector is being driven by a combination of crucial factors:

The costs of generation from fossil fuels are spiralling upward, as are the capitalcosts of building new generation particularly large-scale plants of every kind. Risingelectricity prices are impacting negatively on domestic, commercial and industrialconsumers, who are motivated to reduce their bills. Smart demand managementtechnologies are enabling major efficiency gains, but deployment is slow amongutilities wary of selling less electricity. Legislators under pressure are resorting toelectricity market mechanisms to build-in efficiency incentives. And above all, climatechange is presenting an unprecedented challenge to how we produce, sell, and useenergy, compelling us to reduce and innovate and rethink our way of life.

Energy efficiency has been identified by governments throughout the world as thekey to tackling climate change. But according to the International Energy Authority(IEA), energy efficiency policies are failing to contribute the 50% plus CO2 emissionsavings required to meet 2030 international climate targets.1

The problem is so large that the IEA estimates there will be a shortfall in emissionsavings that will require an investment of US$16.6 trillion in clean energyinfrastructure to address.2 This dire scenario is contributing to the worlds newhunger for efficiency.

So why are efficiency policies, in the majority of cases, failing to deliver?

Market structures have long been identified as the primary barrier to efficiency.3 Thisis hardly surprising, given that the electricity network, and market, was developedunder a grow-and-build model that depended (and still does in New Zealand) uponselling more electricity, not less.

But governments have disagreed over appropriate electricity market mechanisms toprovide utilities with financial incentives to pursue energy efficiency.

Overcoming the market barrier was always going to be difficult. After all, our entiresociety is dominated by unsustainable growth-based economics.4

The rise and fall of grow-and-build electricity

In New Zealand, as in most other countries, electricity generation and supply wasoriginally carried out by small power companies with plants close to consumers. Fromthe 1880s, electricity was generated for street lighting, public buildings, shops andsmall factories, but the early industry was very fragmented.

After the turn of the century, developments in high-voltage transmission enabledprogressively larger generation plants to deliver power over long distances.

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Fragmented networks were progressively connected, becoming a grid. Thisintegrated grid system was successfully deployed and replicated globally,revolutionizing electricity supply.

The emerging integrated industry was regarded as a natural monopoly in terms of itshigh capital costs and public benefits, so governments in most countries obtainedand maintained control of this vital infrastructure. The result was a nationalized orgovernment-regulated model that shaped the industry as it continued to expand.

Throughout the rise of the integrated electricity monopoly, from the early years untilthe mid-to-late 1960s, governments and power companies conducted an aggressivegrow-and-build strategy central to their operating model.5

Driven by economies of scale, the development of new technology and ever largerpower plants, the industry followed a cycle of expansion that was self-sustaining formany years.Demand growth for electricity was strong in the 1920s (10% on average per annumin New Zealand), and the desire to maintain this growth was evident by the 1940s

and 1950s in advertisements urging people to improve their lives by using moreelectrical appliances. As growth continued, electricity prices fell dramatically. Forexample, in the United States from 1920 to the mid 1960s (excluding the GreatDepression), demand increased at 7 percent annually, and by 1967 consumers werepaying 95 percent less for electricity than they had paid at the turn of the century.6

The New Zealand experience was similar, with demand during the 1950s averaging8.1 percent per annum,7 and slowing in the 1960s to an average of 5 percent perannum, with prices falling until the 1970s.8

Economies of scale plateaued in the 1970s as generating units reached a practical

optimum size. The electricity infrastructure in the developed world had finallymatured. Productivity growth in the industry waned, electricity demand continued todecline, and electricity prices began to rise.

A long period of technological stagnation, combined with slower demand, impactedon revenue, and as a result the general stock market began to highly outperform theelectricity industry. The Dow Jones Industrial Average outperformed the Dow JonesUtility Average by more than five times between 1965 and 2008.9

Since the grow-and-build years, there has also been substantial stagnation inbusiness models. Expansion and sales-driven practices remain deeply embedded in

the industry. In reality, todays business models in most countries differ little fromthe business models of the grow-and-build era, even though the imperatives arevastly different.

The growth of integrated grids has been synonymous with that of society, but a newera of distributed generation promises to slowly reduce societal dependency on grids,suggesting that they will inevitably devolve into smaller and smaller self-sufficientnetworks, in effect, going full cycle.

Electricity reforms and the deregulation gamble

In the rush to build the grid system, efficiency was a casualty.

The grid has been designed to deliver reliable electricity to as many consumers aspossible, as a priority. Selling that electricity has always been more important to the

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bottom line than reducing throughput. While the grid has delivered inestimablebenefits, it is perhaps ironic that such a valued commodity electricity, has been sowantonly wasted.

It is safe to say that enormous amounts of electricity are wasted worldwide. In 1987,the World Commission on Environment and Development, stated Within the next 50years, nations have the opportunity to produce the same level of energy services

with as little as half the primary energy supply currently consumed.10The total

amount of electricity wasted in New Zealand was estimated to be as high as 57percent in 1989.11 A major study in 2007 put the figure at 23 percent,12 but thatfigure was peer reviewed and judged to be conservative.13

As electricity prices crept upward through the 1980s and 1990s, and efficiencybecame an issue, there were calls for reform. Capital costs were also rising, somarket oriented governments increasingly sought to both divest themselves of thecapital burden of new generation, and to stem rising prices, by introducing freemarket competition though there was no evidence that this would work.14 Partialand full privatization reforms followed in many developed countries.

New Zealands electricity system was corporatized in 1987 when the New ZealandElectricity Department (NZED) was restructured into the Electricity Corporation ofNew Zealand (ECNZ). In 1994, the ECNZs transmission business was split off asTranspower. The wholesale electricity market was opened in 1996, when ECNZ wassplit into two generators, ECNZ and Contact Energy. Predictably, this duopoly failedto establish market competition. Further reforms occurred in 1998 when separateownership of line and energy businesses was mandated.15 In 1999, Contact Energywas fully privatized, whilst ECNZ was further split into Genesis Energy, MeridianEnergy, and Mighty River Power. However, the market was self-regulating andelectricity prices soared. The Electricity Commission was formed in 2003 to managethe market, and governance rules were prescribed in 2004, but prices continued to

climb. In 2010, the Electricity Industry Participation Code was introduced, overseenby the Electricity Authority.16

Although the New Zealand market attempts to supply the most efficient generationat the least cost, it remains a grow-and-build model, discouraging energy efficiencybecause profits are linked to the volume of sales.

In hindsight, the New Zealand governments that have reformed our electricity sectorhave gambled and lost. Instead of competition, successive legislation has given riseto a monopolistic cartel of companies bent on profit-maximisation by constantlypushing up residential power prices.A Commerce Commission study found that

consumers had been overcharged by $4.3 billion between 2001 and 2007.17

Profiteering effectively became legal, waste continued, and the perpetual growthbusiness model was never addressed. The overseas experience has been similar.

The European Commissionfirst issued an energy efficiency directive in 2006.Unfortunately, Member States have failed to meet their targets.The Commission hasconcluded that utilities havent been suitably incentivized to act, and that consumerscan not be expected to pay up-front costs. The Commissions 2006 Directive onenergy end-use efficiency and services suggested that utilities should provide energyservices as well as energy supply.18

But in 2010, the Commission described progress on National Energy Efficiency ActionPlans to improve energy efficiency by 20 percent by 2020, as disappointing, leavingvast potential untapped, such that the European Union wont even hit 10 percent

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efficiency savings. Consequently, the Energy Efficiency Plan in March 2011 providedmuch stronger direction for the 27-country bloc, intending to double energyefficiency gains.19

The Efficiency Plan has identified the crucial importance oflinking utilities profits toenergy efficiency rather than volume supplied.20 In other words, they haverecognized that the throughput incentive - the foundation of the grow-and-buildmodel, is counterintuitive to efficiency.

By linking profits to efficiency (i.e. with the decoupling mechanism), profits would bemore closely related to selling energy services to as many customers as possible,

rather than selling as much energy as possible to each customer.21

The Commissions new targets, to be assessed in 2013, come with a clear warning:Member countries must introduce incentives and funding mechanisms that showmarked improvements in the next two years, or targets will become legally binding.22

The energy services business model - jump or be pushed?

Business model changes are inevitable given that: Governments will come under more pressure to meet goals related to climate

change, energy security and intensity. Smart grid technologies are providing new business tools. Consumers are demanding more control over their electricity usage, to save

money, for more convenience, and because of concerns over environmentalissues.

Growth-based economics is unsustainable in our finite world.

The traditional electricity value chain flows in one direction, and all but the largestcustomers play a passive role. Smart technologies are enabling power and

information to flow in multiple directions, creating opportunities for new participants,reciprocal energy management, and smart energy services.

Traditional one-directional model, and emerging multi-directional model

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End-to-end connectivity in the system will provide enormous operational benefits inrespect of demand response, load profile flexibility, and access to distributed powerand storage flowing back into the grid. Real-time information allows for optimizationof electricity in the network, and for the maximum utilization of assets.

Smart Grid systems can dramatically reduce the impact of peak time loads andpricing, benefitting both the producer and consumer.23

Traditional and emerging business models in the electricity sector

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The reduction in wasted energy and variable costs shows up in revenue. However,those providers who continue their business as usual focus on volumetric sales, willfail to be competitive, irrespective of smart technology roll-outs, because the usualgrow-and-build-mode is at cross purposes to the new smart-efficiency-mode. Theysimply can not pursue more, and less, electricity sales at the same time.

Most energy companies understand the new technologies, but few appear to graspthe dramatic shift that will be required away from their traditional one-way business

model. Timely decisions must be made on how best to adapt revenue structures, andthose who delay will be overtaken by those who would rather lead than follow.

Overseas, the transformation from energy supply to energy services has begun, andutilities with an eye to the future are looking to their regulators for opportunities.However, others are poised at the crossroads - waiting. Ultimately, many will becompelled to restructure by legislation.

Those who successfully transform their business models will rise to become marketleaders by the end of this decade, as we transition to the green energy era.

Selling energy services, not just kilowatts

Internationally, the most innovative energy companies are adapting quickly to thechanging realities of the energy sector, positioning their businesses to takeadvantage of the rapidly expanding demand for smart energy services.

Such energy companies are deploying smart meters and in-home displays, and aredeveloping web-based tools that provide their customers with real-time informationon their consumption. Customers can monitor usage and reduce their monthly bills,and are encouraged to use programmable thermostats, smart appliances and otherenergy management technologies.24

In almost every case, managing energy demand to capture additional capacity ischeaper than building new power stations.25 Companies run and promote variouselectricity savings programmes for their customers, before expanding into selling arange of on-site efficiency services.

Duke Energy, one of the largest US utilities, faced with both rising demand andcapital costs for new plant construction, has made energy efficiency a top priority.Duke supplies four million customers in five states, and runs programmes accordingto the regulatory environment in each state. In the Carolinas and Ohio, they run aSave-A-Watt programme using an avoided cost model meeting demand through

electricity savings to avoid more costly new plants. Meanwhile, in Kentucky they runa cost-plus model - where the regulator allows Duke to recover agreed costs andearn a return on investments in energy efficiency.26

In Connecticut, energy utilities run an innovative on-bill financing program thathelps consumers to identify energy efficient improvements in their homes andbusinesses, and offers rebates to lower the cost of the improvements, plus a zeropercent interest loan. Consumers dont pay any money up front, and simply pay alittle extra assessed on their monthly bills over a fixed period. Since they saveelectricity, their usage bills are lower and the payback is easy.27

By becoming energy advisors who understand the particular requirements of theircustomers, utilities can design and sell efficiency solutions, and transform from beingthe provider of a commodity to the provider of complete energy services.

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This role encompasses working with architects, engineers and developers on buildingdesign, advising on load reduction, micro-generation, storage, and regulatoryincentives, for domestic, commercial and industrial customers. If utilities dont stepup to provide this increasingly needed expertise, new competitors will.

NZ regulators and utilities at a turning point two decades late?

It could be argued that New Zealanders have paid dearly for failed electricity

reforms, based on economic theories untested in the energy market.28 In the 1990s,just when rising prices were starting to bite and the government needed to curb thegrowth-based practices of the industry, the doors were opened to private ownerskeen to garnish every advantage from sales at the expense of consumers, in effectsetting in motion a cycle of price rises that has never ended.

But frustratingly, our policy-makers and regulators were not without good advice. In1992, a parliamentary report on sustainable energy management and policies, statedthat The necessary improvements in energy efficiency will not happen throughmarket forces alone,and it recommended that policy instruments (including marketmechanisms where they can be effective) be urgently developed to remove barriers

to energy efficiency. The report included a prophetic and sensible warning A freemarket would give energy suppliers the incentive to maximize sales, not to

encourage customers to buy less energy.29

Nearly twenty years later, the European Commission has come to the sameconclusion. In many ways, New Zealand has squandered an enormous opportunityand foregone numerous benefits, only to arrive back where it was two decades ago,but much worse off. How did we get it so wrong?

Simply, we perpetuated the market myths that growth is a cure, and that the freemarket is a natural regulator a chimera that has brought us to our global knees.

Volume before values, quantity before quality, will exhaust a finite world.

The question now is: How long will it take us to kick the grow-and-build habit?

We can, of course, hope that our power companies will adapt their revenue streamstoward efficiency services, but even if some are trying to do so, the market stilldrives their core practices, so to a large extent they are locked into business asusual.

Market structures that tie profits to the volume of sales are not only a disincentive to

energy efficiency, they can not hope to outlive finite resources. Legislators andregulators around the world are realizing that markets will have to change so thatutilities are able to earn a return from efficiency.30

Governments hold the policy keys to robust energy efficiency incentives and revenuedecoupling mechanisms, without which little will change.

Will we continue to waste our time, energy and future?

Can New Zealand policy-makers, and power companies, make the switch?

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1 European Council for an Energy Efficient Economy (eceee). (2010, August 31). Workshop Summary: IsEfficient Sufficient. Exploring Progressive Efficiency Specifications for Appliances and Buildings.http://www.eceee.org/eceee_events/Is_Efficient_Sufficient_/According to the IEA, energy efficiency will have to contribute over 50% of the CO2 emission savingsrequired to meet 2030 international climate targets. It is clear that energy efficiency policies as they arecurrently practiced will not deliver savings of this magnitude, indeed they may not deliver any overall savingsat all.

2 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfBased on current energy policies, global energy intensity (the amount of energy needed to generate eachunit of gross domestic product) will only be reduced by 28% by 2035 compared with 2008. This falls far shortof environmental policies designed to limit the average global temperature rise to 2 Celsius (450 Scenario).Even if we improve energy policies to reduce global energy intensity by 34%, the International EnergyAuthority (IEA) estimates there will be a shortfall that requires an investment of US$16.6 trillion ininfrastructure to correct.

3 Parliamentary Commissioner for the Environment. (1992, March). Report to the House of Representatives.

Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfDue to existing barriers in the energy market, the environmental, social, and economic benefits of energyefficiency will not eventuate without improved policy guidance from Government Document unsearchable,see Page 48.

4Daly, Herman E. (1996) Beyond Growthhttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falseA world without growth has become politically unthinkable. growth is the dominant value around which

our society is organised. Page 10.5 Executive Report. (2010, March) Switching Perspectives Creating New Business Models for a ChangingWorld of Energy. IBM Institute for Business Value.http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFFrom the early days of the integrated monopoly utility until the mid-to-late 1960s, electric utilitiesaggressively pursued a grow-and-build strategy as core to their operating model.

6 Executive Report. (2010, March) Switching Perspectives Creating New Business Models for a ChangingWorld of Energy. IBM Institute for Business Value.http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFIn the United States for example, from 1920 to the mid 1960s (excepting the period of the GreatDepression), usage increased at 7 percent annually about five times the rate of usage of all forms of

energy combined and three times the rate of economic expansion in general. Costs dropped precipitously; by1967, end users were paying more than 95 percent less for power than they did at the turn of the century.

7 Abbott, Malcolm (2010, April) The long term development of New Zealand's electricity supply industry.New Zealand Association of Economists.http://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlStrong growth of demand continued into the 1950s and the industry struggled to meet it with its prewar plant.Table 4 shows that the growth of electricity demand during the 1950s was stronger than growth of theeconomy in general (averaged 8.1% per annum compared with 4.4%).

8 Abbott, Malcolm (2010, April) The long term development of New Zealand's electricity supply industry.New Zealand Association of Economists.http://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.html

Growth in demand was strong through the 1950s but finally began to slow down in the late 1960s (to 5% perannum). At this stage, industrial growth drove demand helped by the opening of the Tasman pulp and papermill at Kaweru in 1955, the New Zealand Steel plant at Glenbrook in 1970, the Tiwai Point smelter in 1971and expansion of the motorcar assembly plant. Real prices of electricity continued to fall through the 1960s.
http://www.eceee.org/eceee_events/Is_Efficient_Sufficient_/http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlhttp://www.eceee.org/eceee_events/Is_Efficient_Sufficient_/http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://books.google.co.nz/books?hl=en&lr=&id=EgI30Za9mvcC&oi=fnd&pg=PR7&dq=Daly,+Herman+E.+(1996),+Beyond+Growth,Boston:+Beacon+Press.&ots=BM9NzsJgiS&sig=dZXEkAfJG5l5CrjzZoW4dDI9JtA#v=onepage&q=Daly%2C%20Herman%20E.%20(1996)%2C%20Beyond%20Growth%2CBoston%3A%20Beacon%20Press.&f=falsehttp://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.html


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From 1967 through to 1976, the bulk supply tariff remained unchanged, which meant real prices fellsubstantially. Large increases then occurred.

9 Executive Report. (2010, March) Switching Perspectives Creating New Business Models for a ChangingWorld of Energy. IBM Institute for Business Value.http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFSince the grow and build years, however, growth in the industry has waned, and the general stock market

has vastly outperformed the utility industry (e.g., the Dow Jones Industrial Average outperformed the DowJones Utility Average by more than five times between the start of 1965 and the start of 2008).

10 Parliamentary Commissioner for the Environment. (1992, March). Report to the House of Representatives.Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfWithin the next 50 years, nations have the opportunity to produce the same level of energy services with aslittle as half the primary energy supply currently consumed. Quote from 1987 World Commission onEnvironment and Development, Our Common Future, Oxford University Press, Oxford. Documentunsearchable, see Page 17.


Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfAn Electricorp analysis in 1989 estimated that it was technically feasible to save 57% of total electricityconsumption without compromising levels of service and that easily achievable savings may be more like20%. Document unsearchable, see Page 13.

12 KEMA. (2007, September). New Zealand Electric Energy-Efficiency Potential, Electricity Commission,Wellington, New Zealand.http://www.eeca.govt.nz/sites/all/files/Volume%201%20-%20Main%20report.pdfThe study estimates that by 2016 technical potential for electricity savings is around 11,179 GWhper year and that of this 6,437 GWh per year is economic (i.e. cost effective). This represents 23 and14 percent of projected 2016 energy usage, respectively. Peak demand technical potential savings

by 2016 are estimated at around 3,199 MW with 1,738 MW estimated as economic. This represents39 and 21 percent of projected base 2016 peak demand respectively.

13 NERI. (2007, 9 July) Peer Review: KEMA Report NZ Efficiency Potential Study, National Energy Institute.http://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfThe reviewers have concerns about the appropriateness of some of the economic and demand data used inthe KEMA analysis, and consider that the potential savings estimates are conservative as a result. Despiteits shortcomings, the study findings are sufficient to indicate that it is more cost-effective to invest in certainelectricity efficiency and demand management measures than to invest in new generation and transmissioninvestment.


Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfTo date neither the Treasury nor the Ministry of Commerce have been able to show evidence of where in theworld a more market approach and light handed regulation have provided gains in energy (as opposed toeconomic) efficiency or an orderly transition to greater reliance on renewable energy sources. Documentunsearchable, see Page 23.This experimentation is still under way and there is no evidence that it will produce a superior (or indeedeven adequate) result. Document unsearchable, see Page 21.

15 Abbott, Malcolm (2010, April) The long term development of New Zealand's electricity supply industry.New Zealand Association of Economists.http://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.html

16 Electricity Authority. (2010, November). Electricity in New Zealand. New Zealand Electricity Authority,Wellington, New Zealand.http://www.ea.govt.nz/document/12098/download/...us/documents-publications/
http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.eeca.govt.nz/sites/all/files/Volume%201%20-%20Main%20report.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlhttp://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03289usen/GBE03289USEN.PDFhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.eeca.govt.nz/sites/all/files/Volume%201%20-%20Main%20report.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.freepatentsonline.com/article/New-Zealand-Economic-Papers/226361907.htmlhttp://www.ea.govt.nz/document/12098/download/...us/documents-publications/


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17Molly Melhuish. (2011, March 18). Why power prices are rising and what to do about it. Domestic EnergyUsers Network (DEUN).http://issues.co.nz/fairelectricity/Blog/Why+power+prices+are+rising+and+what+to+do+about+itA Commerce Commission study by Professor Frank Wolak concluded that generator-retailers had overchargedconsumers by $4.3 billion between 2001 and 2007.

18 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfThe EUs 2006 Directiveon energy end-use efficiency and services suggested that utilities should provideenergy services rather than (only) energy supply. The Directive said that energy distributors, distributionsystem operators and retail energy sales companies could improve energy efficiency if the energy servicesthey marketed included efficient end use, such as indoor thermal comfort, domestic hot water, refrigeration,product manufacturing, illumination and motive power.

19 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfHowever, in November 2010, the Commission described progress on National Energy Efficiency ActionPlans (to improve energy efficiency by 20% by 2020) as disappointing, leaving vast potential untapped. Onits present course, the EU wont even hit 10% efficiency savings. Stronger direction on incentives has beenprovided in the Commissions Energy Efficiency Plan in March 2011. The 27-country bloc intends to doubleits efforts on energy efficiency in order to cut greenhouse gases, primarily by focusing on more efficienthousehold appliances, renovating public and private buildings and driving improved cars.

20 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfEfficiency Plan is very supportive of linking utilities profits to energy efficiency rather than volume supplied,

and introduces an energy saving obligation on utilities.21 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfIt also said that profit maximization would become more closely related to selling energy services to as manycustomers as possible, rather than selling as much energy as possible to each customer.

22 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdf

Hard legislative control has been lacking in the past, but this time the Efficiency Plan comes with a warning:if countries do not show marked improvements in the next two years, targets will become legally binding.Progress against national targets will be assessed in 2013, at which point binding objectives will be set ifneeded.

23 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfThe need for education on the impact of smart, and the role that energy efficiency could play in reducing theimpact of peak time pricing, is vast.

24 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and Utilities

Sector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdf
http://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://www.ea.govt.nz/document/12098/download/...us/documents-publications/http://issues.co.nz/fairelectricity/Blog/Why+power+prices+are+rising+and+what+to+do+about+ithttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://issues.co.nz/fairelectricity/Blog/Why+power+prices+are+rising+and+what+to+do+about+ithttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdf


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A growing number of vendors are providing in-home displays for customers who are upgrading their homeswith programmable thermostats, smart appliances and other energy management technologies. Utilities arealso deploying smart meters and developing web-based tools that provide customers with virtually real-timeinformation on their consumption, and identifying utility programs, technologies and other recommendationsto help manage, or even lower, the monthly electricity bill.

25 NERI. (2007, 9 July) Peer Review: KEMA Report NZ Efficiency Potential Study, National Energy Institute.

http://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfthe study findings are sufficient to indicate that it is more cost-effective to invest in certain electricityefficiency and demand management measures than to invest in new generation and transmissioninvestment.

26 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfOur Save-A-Watt program in the Carolinas and Ohio uses an avoided cost model. It is based on the ideathat savings from reduced power use cost us less than earnings from a similar investment in a power plant.Meanwhile, our energy efficiency program in Kentucky runs on a cost-plus model: the regulator allows us to

recover certain costs and add a small premium for investing in energy efficiency. The cost-plus approachbrings clear performance-based incentives for us to invest. Susie C. Adams, Vice President of Marketingand Customer Experience.

27 Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfConnecticut utilities run an innovative on-bill financing program that helps consumers to identify how theirhomes or businesses can be more energy efficient, offers rebates to lower the cost of these improvementsand provides a 0% interest loan. As a result, consumers dont need to pay any money up front for efficiencyimprovements; they pay an extra charge assessed on their energy bills.

28

Parliamentary Commissioner for the Environment. (1992, March). Report to the House of Representatives.Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfEnergy sector reforms under way in both New Zealand and the United Kingdom are based on economictheories untested in the energy market. Document unsearchable, see Page 23.

29 Parliamentary Commissioner for the Environment. (1992, March). Report to the House of Representatives.Sustainable Energy Management in New Zealand: Improvements Required in Government Policy.http://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfThe necessary improvements in energy efficiency will not happen through market forces alone. Numerousstructural, financial and attitudinal barriers against efficient energy use already exist and will not be removed

by proposed market reforms. Little of New Zealands energy efficiency potential is likely to be realizedwithout major improvements in information / education, price signals, investment incentives and policydirection from Government. Document unsearchable, see Page 14.Recommended: That policy instruments (including market mechanisms where they can be effective) beurgently developed to remove barriers to energy efficiency Document unsearchable, see Page 50.

30Ernst & Young. (2011, May). Utilities Unbundled. Issue 10. New Perspectives on the Power and UtilitiesSector.http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfEnergy efficiency is a challenge that utilities can do something about - yet performance has been mixed. Inmany cases, we believe this is due to market structures where there has been a disincentive when revenuesare still tied to energy sales, and a lack of incentive because many utilities havent been able to earn a return

on energy efficiency. Legislators and regulators are realizing that specific incentives and regulations must bein place to achieve that end, and the markets - whether regulated or liberalized - will have to change in orderto make it happen.
http://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.parliament.nz/NR/rdonlyres/FB75953A-A26B-4BB5-BE69-16F0527582DB/81890/NERIReviewKEMAEPS090707_.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://pce.parliament.nz/assets/Uploads/Reports/pdf/Pre97-reports/Sustainable-Energy-Management-in-New-Zealand-Improvements-Required-in-Government-Policy-March-1992.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdfhttp://www.ey.com/Publication/vwLUAssets/Utilities_Unbundled_-_Issue_10/$FILE/EY_-_Utilities_Unbundled_Issue_10.pdf

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