Parliament

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

 

Govt bail-out of Solid Energy privatisation by stealth

1 October 2013

Govt bail-out of Solid Energy privatisation by stealth

The National Government’s proposed bail-out deal for Solid Energy is backdoor privatisation, the Green Party said today.

Four foreign-owned banks – ANZ, BNZ, ASB and Westpac – will take a $75 million ownership stake in Solid Energy in return for writing off debt. The Government will commit a further $155 million believing Solid Energy’s core business model is sound.

“With the stroke of a pen, National has sold a large chunk of Solid Energy into foreign ownership,” Green Party energy spokesperson Gareth Hughes said today.

“The National Government is proposing to give the big four Australian-owned banks approximately 14 percent of Solid Energy, at the very least.

“This is a conversion of debt into ownership; not a true debt write-off, but the detail is still to come.

“On the face of it, John Key has broken a promise he once made saying mum and dad investors could own a stake in our newly privatised energy companies. Instead, he’s put privileged, powerful banking interests ahead of New Zealanders.

Mr Hughes was also critical of the Government’s guarantee of a further $155 million of tax payer money for Solid Energy.

“The National Government need to take responsibility for their mismanagement of Solid Energy and cut their losses,” said Mr Hughes.

“The banks that made risky loans to Solid Energy need to bear the cost of their mistakes.

“Coal is not going to be the fuel of our future if we are to stabilise our climate.

“New Zealanders and Solid Energy workers need a just transition into more sustainable jobs – jobs that don’t fry the planet.

“The longer this Government effectively denies climate change, the more taxpayer money will go to subsidising coal and its foreign backers.”

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why Todd Muller Needs To Own The Privacy Leak Scandal


Whenever a political scandal breaks, party leaders have two basic options. They can confess to being in boots and all, and try to brazen it out : nothing to see here, move on. This tended to be the John Key approach. Very hard to pull that off in this case, given that it involved violating the privacy of sick New Zealanders for party political gain.
The other option is to claim innocence of this terrible, no good, highly regrettable “error of judgement” and apologise profusely for the sins of others, while absolving your own good self of any responsibility. This has been Todd Muller’s chosen path.... More>>
 

National Departures: Press Statement From Michelle Boag

Today I am announcing that I have resigned my membership of the NZ National Party. The last few days have underscored for me the unhealthy relationship I have developed with politics. For 47 years, I have devoted much of my professional and personal ... More>>

ALSO:

Govt: Statement From Rt Hon Winston Peters

Deputy Prime Minister and New Zealand First Leader Rt Hon Winston Peters has announced he is taking a short stint of medical leave this week. More>>


Isolation: Government And Air NZ Agree To Manage Incoming Bookings

Bookings for seats on Air New Zealand flights into New Zealand will be managed in the short term to ensure the Government is able to safely place New Zealanders arriving home into a managed isolation or quarantine facility, says Housing Minister Megan ... More>>

ALSO:

Government: New Investment Creates Over 2000 Jobs To Clean Up Waterways

A package of 23 projects across the country will clean up waterways and deliver over 2000 jobs Prime Minister Jacinda Ardern and Environment Minister David Parker announced today. The $162 million dollar package will see 22 water clean-up projects ... More>>

ALSO:

Government: David Clark Resigns As Health Minister

The Prime Minister Jacinda Ardern has accepted David Clark’s resignation as Health Minister. More>>

ALSO:

Election 2020: Green Party Unveils Income Policy

The Green Party is today unveiling its Poverty Action Plan, which includes a Guaranteed Minimum Income to ensure people have enough to live with dignity. The scheme resets income support payments to ensure everyone not in full-time paid work gets at least ... More>>

ALSO:


Conservation: New Protection For Dolphins

Extensive new protections are being put in place as part of an updated plan to look after New Zealand’s native Hector’s and Māui dolphins, announced Minister of Fisheries Stuart Nash and Minister of Conservation Eugenie Sage today. More>>

ALSO:

Auckland: Water Consent Referred To Board Of Inquiry

Environment Minister David Parker has today “called in” Auckland’s application to the Waikato Regional Council to take an extra 200 million litres of water a day from the lower reaches of the Waikato River for Auckland drinking water and other municipal uses... More>>

ALSO:


Foreign Affairs: New Zealand To Review Relationship Settings With Hong Kong

Foreign Affairs Minister Winston Peters has announced that the New Zealand Government is reviewing the settings of its relationship with Hong Kong. “China’s decision to pass a new national security law for Hong Kong has fundamentally changed the environment ... More>>

ALSO:


Covid-19 Patient Info Leak: Hamish Walker - A Personal Statement And An Apology

I have spoken to National Party Leader Todd Muller and informed him that I passed to members of the media, by email, information containing Covid-19 patient details that was given to me by a source. I did this to expose the Government’s shortcomings ... More>>

ALSO:

PM: Labour Will Extend Loan Scheme 'lifeline' For Small Business

Labour has announced its plans to extend the Small Business Loan Cashflow Scheme and spend $162 million on a waterway clean-up package. More>>

ALSO:

Economy: Infrastructure Investment To Create Jobs, Kick-Start COVID Rebuild

A new package of infrastructure investments will help kick-start the post-COVID rebuild by creating more than 20,000 jobs and unlocking more than $5 billion of projects up and down New Zealand. Finance Minister Grant Robertson and Infrastructure Minister ... More>>

ALSO:

Covid-19: Isolation System To Be Beefed Up After Stress

A range of improvements are already underway to address issues identified in the rapid review of the Managed Isolation and Quarantine system released today, Housing Minister Megan Woods said. The review was commissioned just over a week ago to identify ... More>>

ALSO:

Election 2020: Parties Get Into Gear

ACT has today announced its list for the 2020 General Election. “The calibre and experience of our candidates will impress voters of every persuasion. We have candidates from all walks of life. People who have built their homes, families and businesses ... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels