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

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