The Case for a New Zealand Electricity Register

New Zealand’s energy system is at a critical juncture. Decarbonising our economy will require billions of dollars in new renewable generation, storage, and electrification of transport and industry. The question is not just whether we can build this infrastructure, but whether we can attract capital to fund it, and at what cost.

Global investors are increasingly clear about their expectations: they demand transparency, accountability, and verifiable proof that environmental claims are real. Without this, investors will either price higher risk premiums or invest elsewhere. To meet this challenge, New Zealand must establish a national Electricity Register.

An Electricity Register is the financial market infrastructure of a modern energy system. It tracks the origin and attributes of electricity, issuing Renewable Energy Guarantees of Origin (REGOs) that provide auditable proof of whether power is renewable, or otherwise. These certificates underpin credible claims of “100% renewable” or “net zero” electricity use, allowing regulators to audit, corporates to verify, and investors to trust.

The financial implications are significant. With a robust registry, New Zealand projects become more bankable. Verified certificates create additional income streams for renewable generators, improving project economics and lowering the cost of capital. Investors gain confidence that revenue models are supported by globally recognised instruments, not unverifiable claims. By contrast, without a registry, New Zealand risks higher financing costs and exclusion from global capital flows increasingly tied to ESG standards and Scope 2 accounting.

For businesses, a register ensures competitiveness in global value chains. Multinationals aligned with RE100 and net-zero targets, require independently verified renewable electricity. Exporters who cannot prove their energy sourcing risk being shut out of procurement contracts and losing their low-carbon advantage. The register protects New Zealand’s “clean brand” with hard data, not marketing spin.

But the value of a registry goes beyond compliance. It unlocks innovation in demand response and new market products. With granular, verified data, energy users can be rewarded for shifting consumption to match renewable supply, flattening peaks, integrating intermittent generation, and avoiding costly grid upgrades. For example, time-based tariffs and flexible load programs become commercially viable only when backed by a trusted record of when and how electricity is generated and consumed. This is a direct business opportunity: it lowers system costs, reduces wholesale price volatility, and creates new service markets for retailers, aggregators, and technology providers.

Operationally, the register improves efficiency and reduces risk. A single system of record cuts duplication and errors across the sector, streamlines compliance reporting, and safeguards against fraud, double counting, or greenwashing. For government, it provides the infrastructure to track renewable energy targets, enforce compliance schemes, and align with international standards, further reducing regulatory risk for investors.

The direction of travel globally is clear. Europe, North America, Australia and Asia are moving rapidly toward verified, standardised electricity markets where demand response and renewable certification are fully integrated. If New Zealand fails to act, we risk falling behind and paying more for capital as investors favour markets with greater transparency and integrity.

Establishing an Electricity Register is not a bureaucratic exercise. It is a strategic enabler of New Zealand’s energy transition, a platform that attracts investment, lowers financing costs, supports export competitiveness, and unlocks innovation in demand-side management.

If we want to maintain our global reputation as a clean energy leader, while securing the capital to deliver the next generation of renewable projects, the time for an Electricity Register is now.

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