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 The Wage Hike For MPs (and Paul Robeson)

Hard to tell what is more infuriating. Is it the 5.3% increase on the already bloated salaries of MPs, or their pantomime of outrage at being gifted with such a wonderful back-dated bonanza?

As usual, Prime Minister John Key has busily tried to distance himself from the political fallout, even though he happens to be the main beneficiary of the Remuneration Authority’s generosity. Finance Minister Bill English says with a straight face that it would actually be very hard to give the money back...

Even if it were true, it would actually be very easy for English and any other guilty colleagues, to give the extra money away. There are any number of food banks or homeless shelters who would be able to put the money to good use. More>>

 

PARLIAMENT TODAY:

No Designers Or Visual Artists: Flag Panel Members Announced

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says. More>>

ALSO:

Labour MP Stands Down From Portfolio: Comment From Carmel Sepuloni

The first I knew of my mother’s charges was when I was called by a reporter yesterday. I spoke to Andrew and we agreed there is a conflict of interest at the present time which means I will temporarily stand aside from the Social Development portfolio. It’s the right thing to do… . More>>

ALSO:

Gordon Campbell: On Whether NZ Troops Are The Least Of Islamic State’s Problems

Given that it has been politically packaged and sold as a training mission, the Iraq deployment announced yesterday by Prime Minister John Key seemed to be mysteriously short of actual trainers... The other wing of the argument is whether a troop deployment is (a) the only effective way and (b) the appropriate time to combat Islamic State. More>>

ALSO:

143 Troops, Possible SAS Deployment, Legalities Unsorted: PM’s Statement On ISIL

Mr Speaker, today I am announcing to the House the Government’s decisions about our contribution to the fight against the Islamic State of Iraq and the Levant, or ISIL... More>>

ALSO:

Liu Saga: PM's Dinner With Controversial Donor

John Key must front up to New Zealand and say what he discussed with Donghua Liu when the disgraced businessman paid $25,000 for the Prime Minister to come to dinner at his Remuera home, the Green Party said today. More>>

ALSO:

Roads: National MP 'Concerned' At Overseas Driver Crashes

Waitaki MP and Parliamentary Private Secretary for Tourism Jacqui Dean said she was concerned at the number of fatal crashes involving overseas licence holders and she really felt that the time had come for more to be done. More>>

ALSO:

Parliament Today: Parole Bill Passes

A bill reducing parole hearings deemed to be unnecessary has passed. The third reading of the Parole Amendment Bill was completed by 104 to 16 with the Greens and Maori Party opposed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news