Otago power retailer Payless Energy is pulling out of the market, blaming market volatility. There have been rumours that three small players in the market had been nearing default as wholesale prices soared in recent weeks. Payless Energy has bowed out of the electricity market, blaming market volatility. It said the increase in wholesale prices seen in the last couple of months created funding pressures for Payless Energy "which was not sustainable in the long term". Payless Energy has been approached for comment.

Source: Stuff November 06, 2018 08:03 UTC