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Labour's warning to Mighty River investors needs some bite

Labour's warning to Mighty River investors needs some bite

The Alliance Party is pleased that Labour Party leader David Shearer has pledged to reduce the price of electricity if elected next year, and looks forward to details about how this will be achieved.

Alliance Party co-leader Kay Murray says everyone should be able to afford to heat their house properly.

"Electricity prices are already causing hardship for low income earners. This will only get worse when once our electricity companies are sold to private investors."

Ms Murray says it is inevitable that electricity will have to be brought back into public ownership again if the price of electricity is to be reduced.

"The only question is how? If the country cannot afford to do it any other way power companies will simply have to be renationalised."

Investors put their money into companies for one reason only - to make more money. They do not have the health and wellbeing of our nation at heart.

Once the remaining publicly owned electricity companies are placed on the share market, providing the maximum return for private investors will become their sole purpose.

Mr Shearer is right to warn investors before shares in Mighty River Power are sold, says Ms Murray.

"That way there should be no cause for complaint later on if the government of the day decides to put people before investor profits when it comes to electricity."


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