Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Another Day – Another big power profit

Another Day – Another big power profit


The latest profit announcement from Genesis Energy shows that the power company was sold for a song to the detriment of the country’s power consumers, says Labour’s Energy spokesperson David Shearer.

“A net profit of $ 49.2 million follows hard on the heels of huge profits by Mighty River Power and Meridian. All of this is happening against the background of power prices rising by 4.2 per cent in the last quarter.

“While the Genesis profit is down on last years but it is well above what was forecast at the time of sale showing that the company is a golden goose with an increase in the final dividend for investors.

“The current system might be working for the government’s friends and a small group of elites, but it’s failing hardworking New Zealand households.

“The Government is sticking to its mantra that nothing is wrong. No doubt the Electricity Authority will again say this is fine but Kiwis are struggling to heat their houses this winter and they know their power prices have rocketed.

“New Zealand electricity should be amongst the cheapest in the world with 60% of our power generated by free water flowing through dams that were built and paid off over previous generations.
Instead NZ prices have risen more steeply than just about every other OECD country.

“As we made clear yesterday, Labour will reform our electricity market to save consumers hundreds of dollars a year and ensure future price hikes are slowed,” David Shearer says.
ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On The Ombudsman’s Verdict On Paula Rebstock And Ian Rennie

Unfortunately, the brave and damning report by Ombudsman Ron Paterson on the “flawed” and “unfair” inquiry conducted by Dame Paula Rebstock into events at MFAT pulls back the veil on a far wider issue. More>>

ALSO:

Charities' Report: Stressed Families - Overstretched Services

“Like so many of the whānau and families they serve social service organisations are under huge financial stress. The support demanded from desperate people in communities is far outreaching the resources available.” More>>

ALSO:

Detention: Wellingtonians Protest Treatment Of Refugees

Peace Action Wellington (PAW) and around 50 Wellingtonians blockaded the Australian High Commission, creating a symbolic detention centre to protest the Australian Government's policy of mandatory offshore detention for refugees and asylum seekers. More>>

ALSO:

Diver's Alarums: Breach Means Training Provider Must Repay $1.47 Million

The New Zealand School of Outdoor Studies is to repay $1.47 million (GST-exclusive) to the Tertiary Education Commission (TEC) following an investigation which showed that some student enrolments between 2009 -2014 could not be validated and that courses were under-delivered against their agreement with the TEC. More>>

ALSO:

Education: Government Plans Suggest Bulk Funding Return

Plans by the Government to return to bulk funding are likely to see increased class sizes and schools most in need missing out on much-needed resources, Labour’s Acting Education spokesperson Grant Robertson says. More>>

ALSO:

Interim Report: Auckland Looks Long Term To Pay-Per-Km Road Pricing

Aucklanders can expect to be paying variable rates per kilometre to travel on the city's most congested roads under an emerging transport strategy being formulated by the government and the Auckland Council. More>>

ALSO:

Despite Promises: Government Extends Iraq Deployment

Cabinet has agreed to extend New Zealand’s contribution to the joint New Zealand-Australia mission to train Iraqi Security Forces until November 2018. More>>

ALSO:

On The 'Terrorism' Card:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news