Encyclopedia > Electricity Corporation of New Zealand
The Electricity Corporation of New Zealand Ltd (ECNZ) is a New ZealandState-Owned Enterprise formed on April 1, 1987 as a transition entity in the process of deregulating the New Zealand Electricity Market. ECNZ is now a residual entity that manages ECNZ's remaining hedge and debt obligations whilst winding up ECNZ's other activities. A state-owned enterprise (SOE) is an enterprise, often a corporation, owned by a government. ... Deregulation is the process by which governments remove restrictions on business in order to (in theory) encourage the efficient operation of markets. ... Up to 1994, the New Zealand Electricity Market had a system of monopoly providers of generation, transmission, distribution and retailing. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... In finance, a hedge is an investment that is taken out specifically to reduce or cancel out the risk in another investment. ... For other uses, see Debt (disambiguation). ...
In the 1980's, a government department – the New Zealand Electricity Department (NZED) controlled and operated almost all New Zealand electricity generation and operated the New Zealand electricity transmission grid. Power line redirects here. ...
The first phase of deregulation saw the New Zealand Government corporatise the NZED and form the state-owned enterprise – ECNZ. In 1994 Transpower was separated from ECNZ and created as a state owned enterprise to own and operate the national grid. Then in 1996, ECNZ was split into two more state owned enterprises - ECNZ and Contact Energy. Corporatization is a form of economic reform which takes services from the direct control of the government, and places them in the control of government-owned corporations. ... Transpower New Zealand Limited (TPNZ) is the state-owned enterprise responsible for electric power transmission in New Zealand. ...
On 1 April 1999 ENCZ sold all of its generation assets to three new electricity generation SOEs:
NewZealand is the only OECD country outside the European Union to make such a commitment.
NewZealand does not expect the transport sector to respond readily, at least in the short-term, to price measures such as a carbon charge.
Electricity generation in fact contributes very little to greenhouse gases because of the high proportion of generation from hydro and geothermal sources.
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