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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

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