Our Annual Report 2021/22 [PDF, 27 MB] details our key achievements and financial and non-financial performance. A 9-page Overview of our Annual Report is available here.(external link)

Stewardship of the sector is even more crucial as we steer through the next few years. Our current strategy reflects that we’re thinking broadly to ensure our regulation responds to a changing world. 

Our strategic ambitions for the sector are:

  • We want low-emissions energy to electrify the economy.
  • We want consumer centricity to guide regulation and the industry.
  • We want to build trust and confidence in the industry for all stakeholders.
  • We want to see thriving competition delivering better outcomes for New Zealanders.
  • We want to see innovation flourishing.

In our Annual Report 2021/22, we have used case studies to reflect on significant achievements we made, or challenging situations we navigated, during the year. Our report highlights the following:

  • (external link)Low-emissions roadmap(external link): We focused on how New Zealand can transition to low-emissions energy, without compromising future electricity security and reliability. We published an Energy Transition Roadmap(external link) that details how our projects will contribute to the Government’s Emissions Reduction Plan and development of the Energy Strategy. 
  • Compliance strategy(external link): We worked on industry compliance with electricity sector legislation. We implemented a new compliance strategy where transparent and predictable enforcement of rules means all industry participants are held to the same standard. This strategy guides our compliance interventions so that we target our efforts at the highest priority risks. 
  • 9 August 2021 event(external link): We conducted a two-phase review into the 9 August 2021 outage that left 34,000 consumers without electricity in winter. We continue to work closely with Transpower and have implemented changes to give New Zealanders confidence that they can rely on a secure and reliable electricity system, even in the middle of winter. 
  • Wholesale Market Review(external link): We undertook a review into the wholesale electricity market to understand competition and the high spot market prices experienced between 2018 and 2021. The changes implemented from this review will help ensure consumers get a reliable electricity supply and one that accurately reflects supply. 
  • Real-time pricing(external link): We worked on a simpler, more responsive wholesale real-time pricing system. The introduction of real-time pricing will provide a more accurate and reliable pricing system, removing the guess work for wholesale electricity buyers. It will also enable consumers to adjust their own electricity consumption with confidence in response to changes in pricing.  

Previous Annual Reports