Statement of Intent amendment and Statement of Performance Expectations published

We have published an amendment to our Statement of Intent 2021-2025 (SOI) and published our Statement of Performance Expectations (SPE) for the 2023/24 financial year.

The SOI sets out our long-term strategic intentions for a four-year period, while the SPE focuses on our business-as-usual functions and budget for the financial year. Both are required under the Crown Entities Act 2004 as key planning documents.

Our amended Statement of Intent 2021-2025

The amendment introduces our new additional statutory objective to protect the interests of domestic and small business consumers in relation to the supply of electricity to them. The changes describe our strategy for this objective and interim measures to assess our performance. We have also updated the foreword to reflect our Board’s current priorities.

The SOI includes information on our main statutory objective to promote competition in, reliable supply by and efficient operation of, the electricity industry for the long-term benefit of consumers. It also sets out our strategic ambitions. Our ambitions describe success and how the electricity industry can make a difference for New Zealand consumers. This links into our statutory objectives. Our strategic ambitions are:

• Low-emissions energy to electrify the economy
• Consumer centricity to guide regulation and the industry
• Building trust and confidence in the industry for all stakeholders
• Having thriving competition delivering better outcomes for New Zealanders
• Seeing innovation flourishing

Our Statement of Performance Expectations 2023/24

The SPE is a partner document to our SOI. It outlines our funding for the year and what we aim to achieve with that funding. It also sets out the measures we will use to assess how well we have performed at the end of the year. We will report on these performance measures in our Annual Report at the end of the financial year.

The SPE has been informed by:

• our strategic framework
• our key market development activities
• submissions received in our consultation for our 2022/23 and 2023/24 levy-funded appropriations
• responses received in our Survey of electricity industry participant perceptions
• responses received in our Survey of residential electricity consumer perceptions.

It also considers the annual priorities of the Minister of Energy and Resources, along with ongoing Government priorities and expectations.

We recommend reading our amended SOI alongside our SPE and Annual Corporate Plan for 2023/24. This will show the full context of our work for the year.