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SOE Minister fingers Genesis

SOE Minister Mark Burton today fingered the Government-owned Genesis Power as the big winner out of the electricity crisis, National's Tony Ryall and Pansy Wong said.

"Appearing before the Finance and Expenditure Committee this morning, the Minister said Genesis was making the most money out of the crisis, and was doing well out of it," the MPs said.

"Yet on TV's 'Holmes' show last Thursday, Genesis CEO Murray Jackson told the nation that Genesis is making an 'insignificant amount' extra out of the crisis.

"The Minister has refused National's call for the SOEs to declare their daily cash profits and allay criticism that the Government's pockets are being lined by the profiteering of the state-owned generators.

"Mark Burton would prefer to wash his hands of the crisis. He doesn't want New Zealanders to know the SOEs have been profiteering. If there's nothing to hide, he should release the information.

"National is also concerned that the SOEs may be paying domestic consumers not to use electricity, then selling those savings at sky high prices on the spot market. This fills the Government's coffers while ordinary New Zealanders are working hard to cut their power use," Mr Ryall and Mrs Wong said.

"Mr Burton seems unconcerned but said he would look into it," they said.

Ends


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