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

 


Profit Motive Driving Criticism of NZ Power

24 April 2013

Profit Motive Driving Criticism of NZ Power

Companies opposing the Labour/Green Party plan to reduce power prices are those that are directly profiting from the asset sale programme, the Green Party said today.

The National Government produced a list of six companies that have spoken out recently against the Green and Labour Parties’ plan to implement a Pharmac-style model to drive down electricity prices for households and businesses. All of these companies have a current or future financial interest in National’s privatisation programme.

“Forsyth Barr and First NZ Capital are directly involved in the sale of state-owned assets,” Green Party energy spokesperson Gareth Hughes said today.

“Their profits are directly related to the successful sale of state-owned assets.

“The higher the sale price of Mighty River Power, the higher the commissions these companies make.

“It’s predictable that the companies profiting from National’s asset sales programme are the same ones attacking our policy today. Pure self-interest is driving their criticism of our plan to lower power prices for every New Zealand household by about $300 per year.

“These companies should declare their obvious vested interest so that the public can make up their own mind on our initiative.”

First NZ Capital working with Credit Suisse Australia, Macquarie Capital New Zealand and Goldman Sachs New Zealand are joint lead managers for the partial sale of Mighty River Power. UBS New Zealand, Forsyth Barr working with Merrill Lynch, Deutsche Bank and Craigs Investment Partners are likely to pick up work on later IPOs (initial public offers).

Full list of companies known to be engaged by Treasury in the asset sales programme:
First NZ Capital
Credit Suisse Australia
Macquarie Capital New Zealand
Goldman Sachs New Zealand
UBS New Zealand
Forsyth Barr
Merrill Lynch
Deutsche Bank
Craigs Investment Partners
Bell Gully
Chapman Tripp
Russell McVeagh
Simpson Grierson

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Flyover Over: NZTA Not Appealing Flyover Decision

The NZ Transport Agency has decided not to appeal the High Court’s Basin Bridge decision, and says the High Court’s findings provide valuable clarity to help guide the development of future infrastructure projects throughout the country. More>>

ALSO:

Developing Crown Land: Government, Auckland Iwi Reach Agreement

The government has reached agreement with Ngati Whatua and other Auckland iwi over developing 500 hectares of excess land in Auckland for private housing which had been under High Court challenge. More>>

ALSO:

Gordon Campbell: On Maurice Williamson

Maurice Williamson seems to have been granted an annual licence to embarrass the National Party, and its that time of year again. Also as per usual, Williamson’s recent exercise in sexism and homophobia has passed by with barely a murmur from his leader. More>>

ALSO:

Green Climate Plan: Shaw Launches 40% Emission Cut Target

Green Party co-leader James Shaw has announced an emissions target initiative for 40% reduction by 2030. He said agriculture has to long been used as a reason for inaction, a roadblock to action... He proposed a tax of 8 cents per kilo of milk. More>>

ALSO:


Images & Video: Four Alternative Flags For Referendum

Flag Consideration Panel chair, Professor John Burrows, said the Panel’s decision had been guided first and foremost by the results of its engagement programme across a range of communities where thousands of Kiwis shared what was special about New Zealand, as well as the Panel’s own selection criteria. More>>

ALSO:

Transport Report: LGNZ Calls For Proactive Approach To Mobilise Regions

LGNZ has today released Mobilising the Regions, its major transport study, which highlights the economic and social impact of strategic transport decisions nationally and in the regions, and the direct link between regional development, national prosperity, social well-being and cohesiveness. More>>

ALSO:

Transport: New Rules Bring Double-Deckers To Our Cities

New rules that allow buses, including double-deckers, to carry more people will ramp up the public transport offering in our cities, Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say. More>>

ALSO:

Cycling:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news