Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Power Companies And Govt. Set To Grab More Profits

Pansy Wong National Energy Spokesperson

18 March 2002

Power companies and Government set to grab more profits

Forecast profits for Government-owned power companies show that electricity consumers are set to be taken to the cleaners again, says National's Energy spokesperson Pansy Wong.

"Last year Meridian, Mighty River and Genesis made a record $200 million in profits for their owner, the Government. Figures contained in their Statement of Corporate Intent* show that these power companies intend to make even bigger margins for the next three years.

"Before 2001, the companies aimed for a Return on Equity of around 6%. Now Meridian and Mighty River are forecasting around 9% for the next three years. If last year was a record year due to drought, why don't they return to pre-2001 levels?"

Ms Wong says the Minister of State Owned Enterprises, Mark Burton, has a lot to answer for.

"The Minister's silence on the issue of electricity pricing is unacceptable. Does he understand what is happening to residential and business consumers, or is he just happy to take the profits and run?"

Ends

Inquiries: Pansy Wong 027 2222 208


*Profit level of Generators SOE

------------ Meridian------ Mighty River------Genesis

Year
2000 (actual)
Profit after tax 96.3m.------ 41.3m------56.6m
Return on Equity 5.7%-------- 6.5%------ 6.6%
Dividend------ 62.4m------4.4m


2001 (actual)
Profit after tax 125.1m------ 59.1m------59.9m

Return on Equity 7.6%------------ 8.6%------ 7.3%
Budget RoE------ 5.7%------------ 6.8%------ 4.0%
Dividend------ 181.5m------ 20.6m------14.7m


2002 (Forecast)
Profit after tax------124.5m------ 62.5m
Return on Equity------7.6%------------ 8.3%------4.0%
Dividend------------80.4m------ 43.8m------ ?

2003 (Forecast)
Profit after tax------ 141.6m------ 67.9m
Return on Equity------ 8.9%------------8.8%------2.6%
Dividend------------ 92.0m------ 47.6m------ ?

2004 (Forecast)
Profit after tax------150.0m------ 73.1m
Return on Equity------9.8%------ 9.2%------3.6%
Dividend------------97.5m------ 51.2m------ ?

Source: Statement of Corporate Intents


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods (is the dollar up or down?) the outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country... More>>

ALSO:

.

 
 

Submissions Summary: The People's Commission On Public Media

This Summary is a preliminary report from the People’s Commission. It brings together views and aspirations of the hundreds of people who made submissions, attended public meetings, filled out the online survey and made speeches to our Panel. More>>

Housing Plans: Protest Over Ihumatao Development

Ihumatao in Mangere, next to the airport in Auckland, holds the archaeological remains of 1000 years of food production; from when Maori first landed in the area, through to early European settler agriculture and right up until today. More>>

ALSO:

Negotiations: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word.. More>>

ALSO:

Contains Highly Colloquial Language: Your F**king Guide To Government Formation

The following message is in no way endorsed by the Electoral Commission. They are f**king done with this election. More>>

NZ Emissions Up 50% 1990-2013: Report Confirms CLimate Change Impacting NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate. More>>

ALSO:

Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: Inland Revenue Steps Back From Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election