Transpower is seeking feedback on a decision it says would establish New Zealand's electricity pathway for the next 40 years.
The grid operator's acting executive general manager of grid development, Cobus Nel, said ageing submarine cables that cross Cook Strait needed to be replaced by the end of the decade.
He said Transpower believed New Zealand should take this opportunity to increase the cables' capacity.
The submarine cables form part of the high voltage direct current (HVDC) link that moves large amounts of electricity between the Benmore substation in the South Island and Haywards substation in the North Island.
Neal said Transpower's analysis showed increasing the cables' capacity from the existing 1200 megawatts to 1400 megawatts while they were being replaced would future-proof this part of New Zealand's electricity system.
"Based on the increased benefits of a 1400 MW transfer between the islands shown in our analysis, we believe we should also take this opportunity to increase the cables' capacity.
"We need to replace the cables by the early 2030s and, as submarine electricity cables are in high demand internationally, we need to reserve our place in the manufacturing queue soon."
He said Transpower expected that in the future, wind and solar power would replace much of the gas and coal-generated electricity in the North Island.
When wind or sunshine were low in the North Island, Neal said the HVDC link would keep electricity supply stable by transferring South Island-generated electricity northwards.
He said it was interested in hearing if the electricity sector and other interested parties believed increasing the HVDC capacity would be good value.
"Helpful information could include planned electricity generation that we're not already aware of, plans for additional bulk electricity storage in the North Island, or significant electricity load increases through industrial electrification.
"We have an opportunity now to make a decision that will establish New Zealand's electricity pathway for the next 40 years, which is the life of these cables. We look forward to hearing others' views."
The HVDC Cable Replacement and Enhancement Information and Consultation paper is on the Transpower website.
Feedback is open until 23 August and can be emailed to grid.investments@transpower.co.nz