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Key right on need for new MRP offer document

22 April 2013

Key right on need for new MRP offer document

Prime Minister John Key is right to say that Mighty River Power needs to consider revising its share offer document in the light of the joint Greens/Labour launch of the NZ Power plan, Green Party energy spokesperson Gareth Hughes said today.

In media this morning, the Prime Minister has referred several times to the need for Mighty River to look at issuing a new share offer document to incorporate the effect NZ Power will have on power prices and, hence, on the profits of Mighty River.

“The National Government needs to make sure Kiwis have full and up to date information when it asks them to buy Mighty River shares. Mighty River’s share offer document needs to reflect the impact that NZ Power will have on the company,” said Mr Hughes.

“Mr Key was correct when he said on TV this morning that the value of these companies will be less once NZ Power is implemented. That is because their values have been over-inflated well above what their actual assets are worth by excessive profits resulting from high power prices.

“When NZ Power forces power prices down to a fair level, saving families $300 a year, there will be a consequent downward movement in the companies’ profits.

“Mr Key’s comments are an admission that NZ Power will achieve its goal of lowering power prices.

“Anyone considering investing in Mighty River needs to know that the Greens will tackle its excessive profits. Mighty River will still be profitable, but it won’t get away with charging exorbitant prices for cheaply-produced electricity any more.

“The Greens launched this plan before the Mighty River sale so potential investors would have fair warning of these changes; the National Government and Mighty River now need to ensure those potential buyers are adequately informed.

“For the Greens, this issue is simple: affordable power for Kiwi families and businesses is more important than excessive profits for electricity company owners. That’s what NZ Power and Progressive Pricing will deliver,” said Mr Hughes.


ends


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