ECNZ CAN'T HAVE IT BOTH WAYS SAYS PETERS

ECNZ cannot have it both ways, Deputy Prime Minister and New Zealand First Leader Winston Peters said in response to the company's opposition to the three-way split announced today.

"First the company's management wanted to maintain the status quo to make ECNZ more attractive for privatisation and advocated a 40% plus trade sale. Now it says the new companies cannot be considered to be strategic assets and therefore are not protected from privatisation.

"This is duplicitous and they need to be told they can't have it both ways," Mr Peters said.

"Moreover, it's the product - electricity - and its supply to the New Zealand people that's strategic."

Mr Peters said one of the main reasons New Zealand First agreed to the split, was that it makes ECNZ less attractive for privatisation.

"As long as we are in Government, the assets will not be sold. They will remain in the hands of the New Zealand taxpayer as strategic assets, protected under the Coalition Agreement."