Authority receives uplift in Budget 2024

The Electricity Authority Te Mana Hiko is pleased that the Government has approved an increase in the Authority’s levy-funded appropriation in Budget 2024.

The Authority will receive additional funding of $11.7 million for the Electricity Industry Governance and Market Operations appropriation 2024/25, taking the Authority’s total funding to $112.5 million for 2024/25.

The Government’s decision, in the context of the pressures the economy is facing, is an endorsement of the key role the electricity market will play in New Zealand’s electrified future – a future in which all consumers have choice and access to the energy they need when they need it.

The additional funding is a necessary investment to ensure electricity consumers will reap the benefits of innovation and competition at least cost, while receiving a reliable power supply. The funding uplift will enable us to deliver key work programmes that will deliver consumer benefits over the short, medium and long term.

We are refining our 2024/25 work programme in light of the funding uplift and will provide an update ahead of the start of the new financial year.

We would like to thank everyone who submitted feedback on our 2024/25 levy-funded appropriations to inform our funding request to the Minister for Energy.

The Electricity Authority is funded by the Government through appropriations of public money. The Government recovers this cost through a levy on electricity industry participants.