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Top Energy, the local lines company, and electricity generator in the Far North, has won the Outcomes Award at the 2023 New Zealand Energy Excellence Awards in Christchurch.
Chief Executive Russell Shaw says the award recognises the company’s efforts to deliver affordable electricity to its energy consumers may of whom experience energy poverty. In 2017, Top Energy set a goal of reducing distribution lines charges from the upper quartile for cost per connection to the lower quartile by 2030 to benefit electricity consumers connected to the network.
Mr Shaw says prior to the expansion of the NgÄwhÄ geothermal power station the region relied heavily on electricity coming from the Waikato, up through Auckland to get to the Far North.
“The cost of delivery, combined with a decade of investment in an aging network placed us as one of the most expensive lines companies in the country,”
The expansion of NgÄwhÄ power station was identified as the key strategic initiative that could provide new cashflows to achieve this goal.
“It was believed it would also protect consumers from ongoing transmission price increases and interruptions to electricity supply’” Mr Shaw said.
Since the commissioning the new power station, Top Energy has reduced distribution lines charges year-on-year to a total of 23%. The latest reduction is such that consumers will not bear any impact from the 205% transmission line charge increase that came into effect on April 1, 2023.
Mr Shaw says by 2024, Top Energy aims to move its income per connection to the lowest quartile for lines tariffs, achieving its strategic goal seven years ahead of plan.
“The company has already increased consumer discount payments by 25% ($50 per consumer) and plans to raise it by an additional $50 per consumer in 2024 and every three years thereafter.”
The company’s commitment to delivering affordable electricity has been evident during national power shortages in 2022 when Top Energy requested NGL to increase generation output to assist in maintaining the integrity of the national grid and ensuring continuity of supply for Far North consumers.
With the expansion of NgÄwhÄ, 125% of the Far North’s electricity needs are now met locally, reducing reliance on imported energy. This has led to energy independence, improved affordability, protection from electricity market fluctuations, and a more reliable supply for critical facilities like hospitals and schools. The electricity generated is also net carbon zero meaning that ever household and business in the far north receives carbon free electricity. Top Energy is owned by the Top Energy Consumer Trust, on behalf of 34,000 power consumers in the Far North connected the electricity network.
Receiving the Outcomes Award is validation of the company’s commitment to providing affordable electricity and improving the lives of the people who live and work in our community.
Top Energy remains committed to its mission of creating long-term value for its shareholders while delivering tangible benefits to its consumers.
“We have an important role to play in the sustainability journey of the Far North and New Zealand.”
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