A “secure and affordable electricity supply” would require markets such as:

The review will identify and explore improvements to current arrangements, including any alternative models or designs.

Among the issues to be considered are how market rules affect competition or suppliers’ ability to enter the market, as well as how the ban on new offshore oil and gas exploration – since it was lifted – affected the availability of hedging contracts.

“The audit is not expected to consult with the public or stakeholders on its findings or recommendations but may test preliminary views with target stakeholders and must provide MBIE and ministers (with) an opportunity to comment on a draft report. The review should engage with regulators on any draft recommendations that they can implement.”

Brown said on Friday that regulatory settings must be “effective to ensure that gentailers have New Zealanders’ interests at heart”.

“New Zealand’s economic growth and prosperity depends on Kiwi households and businesses having access to affordable and secure electricity at internationally competitive prices.

“Companies must be able to invest and operate with confidence that they will have internationally competitive energy and electricity prices. Households, schools and hospitals must be able to rely on an efficient and affordable system that will not let them down when it matters most.”

In August, amid high energy prices, Deputy Minister of Energy Shane Jones accused power companies of profiteering.

“Gentailers are no longer operating in New Zealand in a way that increases competitiveness, number one,” he told RNZ.

“Number two, gentailers are no longer operating in a spirit that enhances or gives greater priority to the larger interests. That’s why there are provisions under the existing electricity legislation that allow the Crown to use a code of conduct that has legal force to change their behaviour. “

He later warned that The electricity authority can become “roadkill” if it failed to rein in the profits of energy production companies.

“There is no point maintaining an electricity authority, which is a key regulator, if it is unwilling to flex its muscles or use all the powers of the legislation,” Jones said.

“If they don’t, they will find they will be something like roadkill because we will not tolerate Kiwis going broke, while a small caste of New Zealanders who have the privilege of owning shares and running businesses. Zealand profit .”

Together with consider resuming offshore oil and gas explorationthe government has announced several steps to address energy security. That has included a commitment to remove barriers to the construction of Liquefied Natural Gas (LNG) facilities and to ease restrictions on utility companies that own production facilities.