Kiwis lose $871 million from power company privatisations, power is up 3.8% & the elderly freeze

Whilst many elderly are stopping in bed all day to keep warm because they are paying outrageous prices for power (courtesy of Smart Meters) the CEOs of the powercos are on salaries of 1-2 million dollars. This is the insanity of corporate greed at its finest.

Today’s business corporation is an artificial creation, shielding owners and managers while preserving corporate privilege and existence. Artificial or not, corporations have won more rights under law than people have – rights which government has protected with armed force
Richard L Grossman and Frank T Adams
Recent articles in Nelson have illustrated what can happen following the installation of Smart Meters with accounts coming in at double the normal price and beyond. (Post to come on that one). The Greens in this article have highlighted the nonsensical world of privatisation … a thinly veiled scheme that clearly benefits the corporate world while claiming to benefit all. Remember, we were told the asset sales would get us out of debt (clearly wrong as our debt continues to climb). We were also told that more powercos meant more competition (free enterprise, the market and all that)  which would mean lower prices … wrong again.
“…free enterprise, [is] a term that refers, in practice, to a system of public subsidy and private profit, with massive government intervention in the economy to maintain a welfare state for the rich.”   Noam Chomsky

“New analysis of the financial statements of Genesis, Mighty River Power, and Meridian released by the Green Party today shows that National’s partial privatisation of power companies has cost New Zealand taxpayers $871 million, the Green Party said.

“The latest data shows that National’s sale of 49 percent of shares in the power companies was a massive transfer of wealth from the people of New Zealand to a few select investors, many who live overseas,” Green Party energy spokesperson Gareth Hughes said.

“If the Crown still owned 100 percent of these companies, taxpayers could collectively have earned another $381 million this year alone and a whopping $775 million since the selloff.

“Add to that the $96 million of costs associated with the sale process, including bonus shares to sweeten the deal for private investors, and the New Zealand taxpayer is $871 million worse off because of National’s failed privatisation plan.

“Consumers are hurting because power prices are up 3.8 percent – meanwhile power companies are paying out massive salaries to their CEOs and directors.

“The CEOs of the three partially privatised power companies now all earn over a million dollars each, and Meridian’s CEO gets close to $2 million when extra perks are included.

“Rising salaries for power company CEOs are cold comfort for Kiwi households facing higher power bills,” said Mr Hughes.

Mighty River Power’s announcement today of a special shareholder dividend means it will pay out almost $300 million for the year, and caps off a string of recent profit announcements from the partially privatised power companies. Contact and Meridian are also paying special dividends, while Genesis’ profit doubled from the previous year.

The Green Party has released new analysis, undertaken by the Parliamentary Library, of the financial statements of the recently partially privatised power companies Genesis, Mighty River Power, and Meridian.

SOURCE: https://www.greens.org.nz/news/press-releases/kiwis-lose-871-million-power-company-privatisations

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11 thoughts on “Kiwis lose $871 million from power company privatisations, power is up 3.8% & the elderly freeze”

  1. People do know how they ae being ripped off, but its what we can do about it is the problem. I read Agenda 21/28 about 2 yrs ago…its all in the plan for the world to be just for the wealthy. .World Bank, Governments, UN, you name it ..they don’t care what the working ants want. .who will listen ?….We are to be dominated . I was shocked to read that Bill Gates thinks third world countries & such like people , are of no use, so should be left to die.

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    1. Many of us do know sheena. You will find many on facebook I’ve found. And what to do? Folks have different theories about that but one in particular I ascribe to is spreading the word. I think it’s easier to convince folks now what’s going on because it’s getting so extreme & more obvious.

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  2. Reblogged this on Rangitikei Enviromental Health Watch and commented:

    A timely re blog of this article from a year ago … especially since our esteemed leaders, sorry bankers, are selling off everything like it’s going out of fashion. Are we out of debt? No. Check out the Agenda 21/2030 in NZ pages for the reason why all our assets are heading down the gurgler to put it bluntly.

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  3. It’s funny how they created compition, yet people don’t change for compition to work and complain that their power bills are big. There are probably almost every company who is willing to give their new customers the best deals, if you are not willing to change or actively look around every year, then you shouldn’t complain.

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    1. In an ideal world that should work Someone but unfortunately in my experience (& I do change companies) the difference is minimal. At the end of the day the powercos are the winners & NZ lost its family jewels pretty much. See how much they calculated we could have made as a nation and yet now the profits are going off shore. Are you ok with an $871 million loss? I certainly am not.

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  4. It is my experience that people never admit that something is wrong until they are in the water. …. At present everyone knows the iceberg is there, and even after we hit it, they will spend considerable time re-arranging the deck chairs while N.Z. is sold off piece by piece. …. Just like on the Titanic , we now have a class system in N.Z. , and the lower classes are already in the water …… National voters who see themselves as “upper class” will not act until the ship goes down and they too are drowning …..

    All the while the National Propaganda and Bullshit Quartet will continue to play. Until their lifeboat arrives to take them to their new home in another country. .

    We have no Captain strong enough to change course, so get ready to drown.

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    1. Very well put Lloyd. It is true. I believe it is by design too, and is in fact Agenda 21 playing out. They are removing our sovereignty by removing our assets in preparation for global governance. Check out our Agenda 21 in NZ page. I do think many are now waking up to the Titanic scenario you describe. Thanks for your comment 🙂

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    1. Thanks for your comment Anon, I concur, we do need some action however I don’t advocate or endorse violence … and doing so on social media is the quickest way to get yourself shut down. Not wise. I do feel strongly however that we need to expose corruption & lies. And if everybody declined to support the corporations by buying their stuff they’d not survive. 🙂

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