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Electricity SOE Profits Bordering On Piracy

Murray McCully
National Spokesperson for SOEs

21 March 2002

A $33 million or 41% increase in Crown dividends from the four publicly owned electricity companies has been described as "bordering on piracy" by National SOE's spokesperson Murray McCully.

Figures released today for the six months to last December, during the electricity crisis, show that the Crown's four electricity companies paid $114.6 million in dividends to the Crown compared to $81.2million in the previous comparable period.

"What these figures show is that these SOE's ripped off their owners, the public, to the extent of $33 million by exploiting the electricity crisis last year. No wonder the Minister spent months refusing to answer questions about their superprofits in Parliament. He was laughing all the way to the bank," Mr McCully said.


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