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 Northland By-Election

Supposedly, Winston Peters’ victory in Northland has exposed the simmering dissatisfaction with the government that exists out in the provinces. Yet it remains to be seen whether this defeat will have much significance – and not simply because if and when Labour resumes business as usual in the Northland seat at the next election, Peters’ hold on it could simply evaporate.

On Saturday, National’s electorate vote declined by 7,000 votes, as the 9,000 majority it won last September turned into a 4,000 vote deficit – mainly because Labour supporters followed the nod and wink given by Labour leader Andrew Little, and voted tactically for Peters. In the process, Labour’s vote went down from nearly 9,000 votes six months ago, to only 1,315 on Saturday. More>>

 
 

PARLIAMENT TODAY:

Climate: Ministers Exclude Emissions From ‘Environment Reporting'

The National Party Government has today revealed that the national environmental report topics for this year will, incredibly, exclude New Zealand’s greenhouse gas emissions, the Green Party said today. More>>

ALSO:

No Retrial: Freedom At Last For Teina Pora

The Māori Party is relieved that the Privy Council has cleared the final legal hurdle for Teina Pora who was wrongfully convicted of murder and sent to prison for 22 years. More>>

ALSO:

Germanwings Crash: Privacy Act Supports Aviation Safeguards In New Zealand

Reports that German privacy laws may have contributed to the Germanwings air crash have prompted New Zealand’s Privacy Commissioner to reassure the public that the Privacy Act is no impediment to medical practitioners notifying appropriate authorities to a pilot’s health concerns. More>>

ALSO:

Treaty: Taranaki Iwi Ngāruahine Settles Treaty Claims For $67.5mln

The settlement includes a $13.5 million payment the government made in June 2013, as well as land in the Taranaki region. The settlement also includes four culturally significant sites, the Waipakari Reserve, Te Kohinga Reserve, Te Ngutu o te Manu and Te Poho o Taranaki. More>>

ALSO:

Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew? More>>

ALSO:

Werewolf Satire: Not Flag-Waving; Flag-Drowning

The panel choosing the flag options has no visual artists at all. Now, I’ve kerned the odd ligature in my time and I know my recto from my French curve so I thought I’d offer a few suggestions before they get past their depth. More>>

ALSO:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news