An independent power company says the industry needs structural reform.

Consumer NZ has raised concern about historically high profits made last year by our biggest power companies.

Meridian, Contact, Genesis and Mercury made a combined $2.7 billion operating profits in the past year.

Consumer estimates 40,000 households couldn't afford power over the same period.

Electric Kiwi chief executive Luke Blincoe says the market is broken.

"You've got those big 4 players with excessive market power, and they're able to extract monopoly rents from Kiwi families, really."

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