Power Companies in NZ Compared — Who Has the Cheapest Rates?

Choosing an electricity provider in New Zealand can feel overwhelming. With dozens of retailers, varying pricing structures, and frequent promotions, it's hard to know who actually offers the cheapest rates for your household.

This side-by-side comparison breaks down four major power companies: Genesis Energy, Meridian Energy, Contact Energy, and Powershop. We'll cover their pros, cons, key features, fees, and who they're best suited for — so you can make an informed choice.

This is general information only and does not constitute financial advice. Always do your own research before making financial decisions.

Comparison Table: Top 4 Power Companies

Company Pricing Model Key Features Fees Target Audience
Genesis Energy Standard daily charge + usage rate; also offers a "Power + Gas" bundle No lock-in contracts; online account management; KiwiSaver-linked rewards Late payment fee; early exit fees may apply on some plans Families and homeowners who want flexibility and bundle discounts
Meridian Energy 100% renewable electricity; fixed or variable rates available Carbon-zero certified; Good Energy Month rewards; no lock-in contracts No exit fees; late payment fee applies Eco-conscious households and those seeking a straightforward plan
Contact Energy Low user plans (LUP) and standard plans; power + broadband bundles Broadband and mobile plan bundling; online portal; no lock-in on most plans Late payment fee; early exit fees may apply on bundled plans Tech-savvy users who want a single bill for power, internet, and mobile
Powershop Pay-as-you-go; pre-purchase "power packs" at discounted rates App-based management; carbon offsets included; no fixed contracts No exit fees; no late payment fees (you top up in advance) Budget-conscious users and those who like to track usage closely

Key Differences Between Providers

Pricing Structures

  • Genesis Energy uses a standard daily charge plus usage rate. Their bundle discounts for gas can lower overall costs if you use both.
  • Meridian Energy offers fixed or variable rates with a strong renewable energy focus. Rates are competitive but not always the cheapest for high-use households.
  • Contact Energy provides low user plans (LUP) for households using under 8,000 kWh per year, plus bundling with broadband and mobile for extra savings.
  • Powershop is unique — you buy 'power packs' in advance at discounted rates. This can save money if you plan ahead, but requires active management.

Fees and Contracts

  • Genesis Energy may charge late payment fees and early exit fees on some plans. Check the terms before signing up.
  • Meridian Energy has no exit fees and a simple late payment fee. Their plans are generally contract-free.
  • Contact Energy has no lock-in on most standard plans, but bundled deals (e.g., power + broadband) may have early exit penalties.
  • Powershop has no exit fees and no late payment fees — you simply top up your account as needed.

Customer Experience

  • Genesis Energy has a strong online portal and phone support. Their KiwiSaver rewards are a nice bonus for members.
  • Meridian Energy is praised for its straightforward approach and carbon-zero certification. Customer service is generally positive.
  • Contact Energy offers a seamless app for managing power, broadband, and mobile. Ideal for those who want everything in one place.
  • Powershop has an excellent app for tracking usage and purchasing power packs. It's best for users who enjoy being hands-on with their energy.

Who Has the Cheapest Rates?

There's no single answer — provider depends on your location, usage patterns, and whether you can bundle services. Here's a quick guide:

  • For low users (under 8,000 kWh/year): Contact Energy's Low User Plan or Powershop's pay-as-you-go model often work out cheapest.
  • For average households (8,000–12,000 kWh/year): Genesis Energy's standard plan or Meridian Energy's fixed-rate plan can be competitive, especially with bundle discounts.
  • For high users (over 12,000 kWh/year): Contact Energy's broadband bundle or Powershop's bulk power packs may offer the best value.
  • For eco-conscious users: Meridian Energy is 100% renewable and carbon-zero certified, though rates may be slightly higher than average.

Recommendations

Your Situation Recommended Provider Why
You want a simple, no-fuss plan Meridian Energy No exit fees, clear pricing, and 100% renewable energy.
You want to bundle power with broadband Contact Energy All-in-one billing and potential savings on both services.
You like to manage your budget actively Powershop Pre-purchase power packs at discounted rates; no late fees.
You want flexible contracts and gas bundling Genesis Energy No lock-in on most plans and KiwiSaver-linked rewards.

How to Compare Power Companies Yourself

Follow these steps to find the cheapest plan for your home:

  1. Check your current usage — Look at your latest bill for your kWh usage per year and your daily charge.
  2. Use a comparison website — Sites like Powerswitch (run by the Consumer NZ) let you compare plans based on your exact usage.
  3. Consider bundling — If you also need broadband or gas, check if a bundle deal from Contact Energy or Genesis Energy saves you money overall.
  4. Watch for promotions — Many providers offer sign-up credits or discounted rates for the first 6–12 months. Factor these into your comparison.
  5. Check for exit fees — Some plans have early exit fees if you switch before the contract ends. Avoid these if you might move or switch again.