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

Digital Evolution: Scoop Independent News Launches "Operation Chrysalis"

From today Scoop is beginning a process of public consultation with the political, business and civil society groups it has served for the past 15 and a half years.

"It is hoped that in time - with new leadership and increased community engagement - the chrysalis will incubate a new kind of Scoop, one which can sustainably continue Scoop's Mission 'to be an agent of positive change'", says Scoop Founder, Editor and Publisher Alastair Thompson.

"As big publishing shrivels, public participation in contributing and spreading news has grown. Scoop has evolved with this wave by providing an independent platform, committed to upholding democracy, providing a voice to all, and providing the public easy access to information about decisions which affect them." More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news