20 Oct 2015

Competition hot in electricity market

4:11 pm on 20 October 2015

The country's biggest electricity retailer Genesis Energy says it expects steady operating earnings in the coming year, but also expects to raise its dividend payout level.

Genesis Energy's Tekapo B Power Station.

Genesis Energy's Tekapo B Power Station. Photo: GENESIS ENERGY

Genesis outgoing chief executive Albert Brantley told the company's annual meeting in Wellington, this morning, that competition was as hot as ever.

But he said the company was working hard on retaining the top spot and had seen growth in an increasingly crowded market.

Mr Brantley said New Zealand had 31 energy retailers, which was why New Zealand had one of the highest rates of customer switching in the world.

A new chief executive is expected to be announced by the end of the year, and on board by the middle of next year.

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