COALITION GOVERNMENT CLEAR ON OWNERSHIP OF ENERGY ASSETS

The Coalition Government does not intend to privatise of the core assets of ECNZ or Contact Energy.

These are the two major energy companies, owned by New Zealanders, which generate power.

The Treasurer, the Hon Winston Peters, the Minister of Finance, the Hon Bill Birch, and the Minister for State Owned Enterprises, the Hon Jenny Shipley, said today that this position is consistent with the decision taken by the previous government to make available for sale six power stations which are not part of the core business of ECNZ.

These stations are available for purchase by local energy companies or maori interests, particularly in conjunction with Treaty of Waitangi settlements. These stations are not available for sale on the open market.

Any sales will have to take into account the rules on foreign ownership set down in the Coalition Agreement.

If any of these stations are not sold to either of these buyers after a defined period, the ownership will transfer to Contact Energy.