Murray McCully National State Owned Enterprises Spokesperson

Pansy Wong National Energy Spokesperson

18 October 2001

Power profits tip of the iceberg

Today's announcement of substantially increased profits for the three state-owned power companies shows merely the tip of a vast iceberg of windfall profits creamed during the electricity crisis, says National's Murray McCully and Pansy Wong.

"Little more than a month of the electricity crisis is reflected in the accounts to the end of June. Yet revenues for the three companies are up by 30% and profits up by over 25%.

"It is little wonder that SOE Minister Mark Burton has been so determined to avoid releasing information on what will clearly be massive windfall profits creamed during the crisis."

"The National Party repeats its call for the Minister to come clean with the public and release a full picture of the windfall profits made by state power companies during the electricity crisis," said Mr McCully and Mrs Wong.

Ends

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