What’s behind the number on the price needle?
For Flick Electric Co. customers the price needle shows the live variable charges for their electricity, including the spot price of generation which come from WITS (run by NZX), the lines charges at their place based on their meter set up from their local network company, Flick’s variable retailer fee and the Electricity Authority levy. Each person’s price is unique to them because every property is set up differently.
For Choice users who don’t buy their electricity from Flick, the price needle indicates where the current average spot market price is sitting. This information comes from WITS (run by NZX). We don’t put a number on this because we don’t want people to think that the spot market price of generation is the only charge that makes up their power bill, but we do want people to understand the way the types of generation in the mix, and price, interact.