ENERGY

Transpower Grid Upgrades: National

Transpower NZ (state-owned enterprise) · National / Multi-region

Transpower's capital programme upgrading the national grid for electrification, new renewable generation and reliability: the North Island Grid Upgrade, new substations, and the Net Zero Grid Pathways programme. Funded through the regulated asset base rather than the Crown. Transpower's spending proposal sets out up to $4.7b in constant 2022/23 dollars, including $2.25b of base capital expenditure forecast across 2025 to 2030, up about a third on the previous five years. The Commerce Commission approved the $393m first stage of Net Zero Grid Pathways in February 2024, covering the HVDC link, the Central North Island circuits and the circuits between Wairakei and Whakamaru. The separate $1.1b renewal of the Cook Strait HVDC cables is tracked as its own project rather than counted here.

Strongest delivery signals Data: High

Delivery Confidence Score, 0 to 100, higher is better: a ranking of how strong this project's delivery signals are, not a probability. It blends eight factors, including the election risk and policy alignment shown below.

Breakdown▾

Data current as at 13 Jun 2026, when the pipeline was last checked against its source.

Key facts

Region: National / Multi-region
Sector: Energy
Status: Under Construction
Estimated value: $4.7b
Indicative completion: 2034
Funding status: Fully Funded
Lead organisation: Transpower NZ (state-owned enterprise)
Election risk: Safe

Election risk assessment

Regulated transmission upgrade, funded through electricity lines charges regardless of government. Bipartisan support.

Government priority alignment

HIGH: Grid upgrades enabling electrification and energy security, aligns with energy priorities.

Chronology

2019Transpower Asset Management Plan identifies $4B+ investment need over 10 years
2022North Island Grid Upgrade announced: $800M+ project to connect new renewables
2023Commerce Commission approves Transpower's investment programme through regulatory reset
2024Commerce Commission approves the $393m first stage of Net Zero Grid Pathways (28 February): HVDC link, Central North Island circuits, and Wairakei to Whakamaru
2024North Island upgrade construction begins; major substation upgrades across NZ
2027HVDC pole 3 refurbishment milestone; North Island upgrades complete
2034Full 10-year capital programme target

Source

Transpower: our work ↗ · Transpower: Net Zero Grid Pathways ↗ · Commerce Commission: Net Zero Grid Pathways proposal ↗ · NZ Herald: Transpower seeks higher charges to fund $4.7 billion grid upgrade ↗

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