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Genesis sale decision is pure political expediency

24 February 2014

Genesis sale decision is pure political expediency

National’s decision to privatise Genesis Energy only a few months after the last asset sale is all about pure political expediency, Green Party Co-leader Dr Russel Norman said today.

Prime Minister John Key has confirmed the Government will go ahead with the partial privatisation of Genesis Energy over the next month. 

“John Key doesn’t want to risk one publicly owned electricity generating company being left standing after this year’s election,” Dr Norman said.

“Pushing ahead with the sale of Genesis after the failed Mighty River and Meridian sales confirms that the Key Government is completely irresponsible when it comes to managing the economy.

“The Government was advised by Treasury not to sell our electricity generating companies in quick succession as there would be insufficient demand and the revenue to the Crown would be reduced.

“The only conclusion that can be drawn from John Key’s latest announcement is that the asset sales were always about redistributing New Zealand’s wealth to the top two percent at the expense of the vast majority of New Zealanders.

“This is a completely ideological campaign of National,” said Dr Norman. 

“It can’t possibly be driven by any concern for maximising the best possible economic return for New Zealand taxpayers.

“Sadly, this is the kind of Government that would rather risk losing the New Zealand taxpayers hundreds of millions of dollars than ever admit they made a mistake.

“The sale of Genesis will result in higher electricity prices.

“The Green Party will make certain however that New Zealanders get the chance for energy independence with our Solar Homes initiative,” Dr Norman said.

“This will give thousands of Kiwi families some respite from National’s privatisation of our electricity market.”

More on solar homes: https://www.greens.org.nz/solarhomes

ENDS

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