4 Oct 2011

Resetting of electricity prices suspended

7:01 am on 4 October 2011

Vector says the Commerce Commission has suspended the resetting of regulated electricity prices.

On 28 September the High Court ruled in favour of Vector, saying the commission failed to provide a full picture of how it calculated the prices that network firms could charge customers for the 2010 to 2015 period.

Vector took legal action over the commission's methodologies for determining how the network is valued and its interpretation of the requirements of the Commerce Act.

Vector says the indefinite suspension provides an opportunity for all participants to review how the default price path process will progress, and create greater certainty for investment decisions.

The company is also taking legal action over the commission's methodologies for determining how the network is valued and the commission's interpretation of the requirements of the Commerce Act.