Electricity Authority receives additional funding in Budget 2023

The Minster of Energy and Resources has agreed to a permanent increase to the Electricity Authority’s levy-funded appropriation.

The Minister has agreed to an increase of $500,000 for the 2022/23 year and $4.6 million for 2023/24 and outyears, as part of Budget 2023.

Over the past 12 years, we have been resourced for incremental change and not the transformation now required to achieve our vision of a low-carbon future. The increase to our baseline funding will support us to progress some of our key programmes of work, while responding to New Zealand’s renewable energy transition.

We will use the funding to support our response to the Emissions Reduction Plan, improve wholesale market competition, implement recommendations from the 9 August 2021 reviews, and meet our new statutory objective of promoting the interests of domestic and small business consumers.

As part of consultation on our levy last year, we signalled our intention to consult on an additional $3.537 million for 2024/25 and outyears pending the outcome of a baseline review. The Ministry of Business, Innovation and Employment has commissioned the review and we expect the final report by the end of June 2023. The outcome of the baseline review will inform our proposed appropriation levels for 2024/25.

We consulted on our 2022/23 and 2023/24 levy-funded appropriations from 4 October to 4 November 2022. Thanks to all who provided feedback. View consultation.