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Industrial Scale Rip off of Kiwis by Energy Companies

Industrial Scale Rip off of Kiwis by Energy Companies

Prime Minister John Key has unashamedly allowed energy companies to rip off Kiwi families through the emissions trading scheme (ETS) to the tune of $1.4 billion, says New Zealand First.

“Mr Key must explain why he has allowed this rort to go on,” says Leader Rt Hon Winston Peters.

An Infometrics economic analysis revealed in Parliament today by New Zealand First shows that:

• Customers and households are being charged substantially more that the ETS costs paid by energy companies

• Energy companies are charging $11 a credit factored in to customers when they are purchasing foreign carbon credits for $3

• $1.4 billion has been taken from Kiwis through overcharging customers an average 75% more than the energy companies paid in ETS compliance costs.

“As an example, Genesis Energy took an extra $36.7 million between 2010-2012, thus misleading mum and dad investors by inflating the share value when the company was sold off by the government.

“Clearly this was a strategy by the National Government to push up the ‘value’ of Genesis to squeeze as much out of the sale as possible.

“While this rort has gone on the government has rejected a proposal by iwi to use the ETS to create jobs and investment in the regions with little cost to the taxpayer.

“This is sadly typical of the current National Government – pushing private profits while caring little for New Zealanders who need jobs and a decent standard of living, and continuing to ignore the plight of the regions,” says Mr Peters.


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