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

 


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


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news