Electrical Industry Sales Up In June 2024 Quarter

Seasonally adjusted sales for the electricity, gas, waste, and water services industry in New Zealand rose to $7.9 billion in the June 2024 quarter, up 22 percent on March 2024 quarter, according to data released by Stats NZ today.

In actual terms, industry sales increased by $2.1 billion (36 percent) in the June 2024 quarter compared with June 2023 quarter. This is the largest value increase since the beginning of the series in June 2016. Purchases for this industry also rose significantly, up $2.2 billion over the same period.

“The rise in electricity industry sales and purchases can likely be attributed to a combination of factors such as gas shortages and low hydro generation. The impacts have mainly been expressed in the higher wholesale price of electricity.

“It wasn’t just difficulty in electricity generation contributing to the shift we are seeing, the national demand for electricity was much higher this quarter, with NIWA noting the month of May as being the coldest May in 15 years,” business financial statistics manager Ricky Ho said.

The electricity, gas, waste, and water services industry values are primarily comprised of electricity generation, distribution, and gas supply businesses.

QuarterSalesPurchases and operating expenditure
Jun-1643893460002711405000
Sep-1645183720002732580000
Dec-1640008730002442683000
Mar-1740161590002469755000
Jun-1746959980003015831000
Sep-1751948230003369306000
Dec-1747014670003083561000
Mar-1844967720002925038000
Jun-1848401800003014680000
Sep-1851561480003197053000
Dec-1856149620003835478000
Mar-1951798370003505597000
Jun-1952274520003359512000
Sep-1956433300003635558000
Dec-1948522740003139026000
Mar-2046461240002963378000
Jun-2049480160003273143000
Sep-2057147870003756528000
Dec-2050601370003287998000
Mar-2155552830003979464000
Jun-2168275190005148809000
Sep-2160313520004046695000
Dec-2149266920003090461000
Mar-2255986150003876671000
Jun-2264212090004563766000
Sep-2257948910003488021000
Dec-2250532230003207461000
Mar-2356852940003854058000
Jun-2358163080003619716000
Sep-2366469150004304837000
Dec-2362367420004207164000
Mar-2464744520004537820000
Jun-2479248050005818713000

The producer price index for electricity and gas supply inputs (costs) rose 49 percent while the outputs (revenue) rose 32 percent in the June 2024 quarter compared with June 2023 quarter.

Business price indexes: June 2024 quarter has more information on the producer price index.

Construction

After adjusting for seasonal effects, construction industry sales rose 1.3 percent from the March 2024 quarter to $24.2 billion, led by the heavy and civil construction sub-industry. The construction industry sales value is not adjusted for price changes.

Across construction, actual sales (not adjusted for price changes or seasonal effects) were $24.8 billion in the June 2024 quarter, down $1.1 billion (4.4 percent) from the June 2023 quarter.

YearValue
Jun-1613386067000
Jun-1715121242000
Jun-1816480010000
Jun-1917623099000
Jun-2013626094000
Jun-2121039319000
Jun-2223252126000
Jun-2325919917000
Jun-2424773100000

“Apart from the COVID-19-impacted June 2020 quarter, this is the first June quarter since the series began in 2016 where construction sales decreased compared with the previous year,” Ho said.

Sales for the two largest construction sub-industries, construction services, and residential and non-residential building, decreased in the June 2024 quarter from the June 2023 quarter. This was partly offset by sales growth from heavy and civil construction, which includes work on roads, bridges, and infrastructure.

The fall in residential and non-residential building sales value coincided with a decrease in building work, as measured by the value of building work put in place for the June 2024 quarter. The actual value of total building work decreased 2.6 percent in the latest quarter, compared with the June 2023 quarter.

Value of building work put in place: June 2024 quarter has more information on building work in New Zealand.

/Stats NZ Public Release. View in full here.