ECNZ Split Before Easter

SOE Minister, Tony Ryall, confirmed this afternoon that the split of ECNZ into three new SOEs will go ahead before the Easter break.

"The split was stopped at the eleventh hour by an injunction granted to Tainui in the High Court yesterday", said Mr Ryall.

"However, Tainui and the Government have reached an agreement, and will withdraw legal action. The Appeal Court has today quashed the High Court injunction.

"This means that the transfer of ECNZ assets to the new SOEs, that was to have occurred at midnight last night, is now free to go ahead this afternoon.

"While the injunction was not likely to have caused disruption to power supplies, it is still very pleasing to have certainty in the electricity sector.

"I understand the staff of the new electricity SOEs are very keen to get stuck in to the new era of competitive power generation.

"With the split finalised, and the Government's other electricity reforms effective from today, consumers can look forward to lower power prices in the future, Mr Ryall concluded.