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Econet Welcomes Commerce Commission action

9 August 2006

Econet Welcomes Commerce Commission action on Vector

Econet, an aspirant mobile telecommunications company, has complimented the Commerce Commission on its recognition of the inherent behaviour of network monopolies and for the strength of the policy rationale behind its decision to take action against energy company, Vector.

"New Zealand has pursued a flawed, hands-off approach to the regulatory management of network industries for too long, at the customer's expense. Airports, electricity companies and telecommunications companies have all been extracting monopoly rents from their customers for too long," said Econet Chief Project Director, Tex Edwards.

"The unbundling of Telecom was a milestone in the maturing of New Zealand's regulatory framework. This is another step. The Econet team is very encouraged by the decision of the Commerce Commission. It can only lead to a better deal for customers, the lowering the costs of doing business and will create a better environment for investment in New Zealand businesses," said Edwards.

ENDS

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