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Contact cuts show SOE sales pure idiocy

Spokesperson for SOEs
14 February 2013 MEDIA STATEMENT

Contact cuts show SOE sales pure idiocy

Contact Energy’s decision to cut 100 employees because the electricity market is flat shows the Government’s push to sell two state-owned electricity companies this year is just plain stupid, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Contact Energy is cutting jobs and $40 million in spending because the electricity market is so flat. Putting a company on the market when demand for its product is low is madness. Yet this Government wants to sell two electricity companies this year.

“This Government clearly doesn’t understand basic supply and demand. Selling state assets is economic idiocy in the first place but selling when demand is flat would have school-age economics students scratching their heads.

“These cuts are proof that selling shares in our state assets is a big mistake as they will quickly be sold offshore. Contact is predominantly foreign owned and its overseas shareholders aren’t worried about Kiwi workers, they just want a good return.

“Over 370,000 New Zealanders have signed a petition to halt asset sales. The Government needs to listen to public and economic reason,” says Clayton Cosgrove.

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