New Zealand’s electricity sector has a new player disrupting the status quo. Lodestone Energy, already known for building the country’s largest utility-scale solar farms, has officially entered the electricity retail market—a move the Government has welcomed as a timely intervention in a sector long dominated by a handful of major providers.
A Welcome Sign of Change
Energy Minister Simon Watts praised Lodestone’s market entry yesterday (on April 16), calling it a critical boost for competition and consumer choice. “Energy is critical to growing New Zealand’s economy and lifting productivity.” Watts stated. Our energy system should be supporting our businesses and industries to compete on the global stage by making sure they have access to reliable, affordable energy”
The minister highlighted ongoing concerns about a lack of competition in the electricity market, which he said contributed to rising energy prices and increased financial strain on New Zealand families during the past winter. “We’ve heard too many reports of Kiwis getting a raw deal from our electricity market,” Watts said. “More competition in the energy sector means more affordable power prices, greater choices between providers and overall greater outcomes for Kiwis.”
Currently, independent retailers make up just 11% of the market—something the government hopes will change as more innovative entrants like Lodestone join the fray. “New players entering the market is a signal of the sector’s confidence in this Government’s actions to strengthen and promote confidence and investment in the electricity market,” Watts added. “Fresh perspectives are exactly what New Zealand needs.”
From Generation to Retail: Lodestone’s Vertical Leap
Lodestone’s move into retail isn’t just a business expansion—it’s a strategic pivot that aligns with its broader mission to transform how solar energy is both generated and delivered. The company has already built three large-scale solar farms, including Te Herenga o Te Rā, the first solar farm in New Zealand connected directly to the national grid. By 2028, Lodestone plans to generate more than 800 GWh of certified renewable energy annually, effectively tripling the nation’s solar output from 2022.
Now, by entering the retail space, Lodestone can sell that solar power directly to customers—beginning with large-scale contracts like its 20-year agreement with Inghams NZ and long-standing partnership with The Warehouse Group.
“Our customers value working directly with Lodestone,” said Managing Director Gary Holden. “With some of our contracts with major electricity users lasting 20 years, we could see that building a close relationship from the beginning was the right decision.”
Creating Competition and Driving Innovation
The Government’s endorsement of Lodestone’s retail launch reflects growing urgency to shake up New Zealand’s electricity market. Households and businesses alike have felt the pinch of rising energy costs, and policymakers are increasingly turning to independent providers to introduce the competition needed to keep prices in check.
Watts noted that Lodestone’s arrival was not only welcomed but strategically important: “Fresh perspectives are exactly what New Zealand needs to ensure Kiwis get a fair deal and our businesses can compete globally.”
Lodestone’s Virtual Rooftop Solar model plays a key role in this innovation push. The model enables customers—especially those without access to rooftop solar—to purchase electricity directly from Lodestone’s utility-scale solar farms. It’s a way to democratise access to clean energy while expanding the customer base beyond traditional solar adopters.
Scaling for the Future
In addition to its retail offering, Lodestone continues to scale its solar infrastructure. The company recently acquired two grid-scale solar sites in Manawatū from Kiwi Solar, adding 84 GWh in annual renewable energy capacity. These new sites will complement Lodestone’s existing and under-construction farms in Kaitaia, Waiotahe, Edgecumbe, Whitianga, and a broader ten-site pipeline under development.
As Holden explained, Lodestone’s approach is not only about clean energy but also about economic resilience: “Our partners are not only solving their own energy needs, but they are also enabling new infrastructure to be built that will benefit Aotearoa for decades to come.”
A Catalyst for Systemic Change?
Lodestone’s emergence as a vertically integrated solar power company—spanning generation, retail, and customer engagement—marks a significant evolution in New Zealand’s energy landscape. The Government’s support of Lodestone is more than symbolic; it reflects a growing recognition that the country’s clean energy future depends on bold moves, both from innovators and regulators.
“This Government takes competition seriously,” said Watts.