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

 


Selling 3 Energy Companies In A Year Is Economic Negligence

Clayton
COSGROVE
SOEs Spokesperson

20 December 2012 MEDIA STATEMENT

Selling 3 Energy Companies In A Year Is Economic Negligence

The Government’s plan to sell three energy companies next year will flood the market and depress demand which will lead to low share prices and a bad deal for taxpayers, says Labour’s SOE’s spokesperson Clayton Cosgrove.

“National is now so desperate to sell its SOEs after the debacle of 2012 that it wants to foist all three onto the market next year. That is economic idiocy.

“The Government knows that there are only two windows to sell companies - that’s after the half-year and annual reports. Selling two major energy companies at once will flood the market.

“There simply isn’t the demand for three energy companies in the share market. Low demand means low share prices, which means the companies are sold off for a pittance. This is basic economics.

“With issues such as the future of the Tiwai Point aluminium smelter, the biggest electricity user in the country, up in the air, investors are already wary of the SOEs.

“The experts are dubious too. In September Brian Gaynor said: "It's a lot of shares in the same industry, you could probably do it if it was different industries, if it was an airport, if it was a port company, and if there was an electricity generator [to be partially-sold]."

“Selling our SOEs is a terrible idea in the first place. But flooding the market because your self-imposed timetable has slipped through your own incompetence is an insult to New Zealanders who take pride in their SOEs.

“Polls show 80% of New Zealanders are against the sales and over 300,000 people have signed the petition calling for a referendum. The Government must listen to the people and hold a referendum on asset sales.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Labour/Greens Deal (And The NZDF)

If Labour and the Greens were hoping their Budget Responsibility Rules (BRR) agreement would foster an unlikely alliance then hey… mission accomplished! Because it isn’t every day that Sue Bradford, the CTU and Matthew Hooton speak with one voice, as happened yesterday.

Unfortunately though, it’s hard to see how the BRR agreement will work to the advantage of Labour and the Greens in the context of the 2017 election campaign. More>>

 

Until After The Election: Extension Of Report-Back Date For Havelock North Inquiry

Attorney-General Christopher Finlayson announced today that the report-back date for the independent Inquiry into Havelock North Drinking-Water has been extended at the request of the Inquiry’s Panel. More>>

ALSO:

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Biscuit Tin Of Democracy: World Heritage Site Protection, Ombudsman and Equal Pay Bills Drawn

On Thursday, 23 March 2017 three places are available on the Order Paper for the first reading of a Member’s bill. The ballot was held, and resulted in the following bills being drawn... More>>

ALSO:

Emissions Plan: NZ Needs More Science, More Trees, Fewer Beasts

A combination of technology breakthroughs, much more plantation forestry, and a big switch away from pastoral, particularly dairy farming, are identified as the key elements of any approach New Zealand takes to reducing its carbon emissions to a net zero level, according to a new report sponsored by the New Zealand chapter of GLOBE, a multi-party, global parliamentary grouping. More>>

ALSO:

"Backed To Win Seats": Labour Māori Seat MPs Won't Stand On List

The Labour Party is backing a request from its Māori seat MPs to stand as electorate MPs only, says Labour Leader Andrew Little. More>>

OutsKey: John Key's Valedictory Speech

I rise to address this House for the very last time. It has been a huge privilege to have served the people of Helensville as their member of Parliament, and, of course, the people of New Zealand as their Prime Minister. More>>

ALSO:

Productivity Commission: New Models Of Tertiary Education Are Coming

The report is a broad-ranging inquiry into how well New Zealand’s tertiary education system is set up to respond to emerging trends in technology and the internationalisation of education, and changes in the structure of the population, and the skills needed in the economy and society... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news