Media Release

28 April 2008

Retain Energy Companies Says NZ First

The sale of Vector’s Wellington electricity network to Cheung Kong Infrastructure for $785 million represents the serious loss of yet another local asset, says New Zealand First economic development spokesman Doug Woolerton.

Cheung Kong is reportedly the largest listed infrastructure company in Hong Kong with investments in energy, transport and water infrastructure in a number of countries including Australia.

Mr Woolerton said overseas bidders were continually lining up to buy assets that were once owned outright by New Zealand taxpayers, ratepayers or consumers and it was a pity to see yet another one go.

“The loss of energy infrastructure to overseas interests is a blow to Wellington electricity consumers whose lines pricing now depends on the whims of a boardroom in Hong Kong.

“The profits will go offshore and the company will no doubt bring in its own workers from China under the Free Trade Agreement to carry out maintenance work.

“New Zealanders should own their energy networks. They are too important to be flogged off overseas,” said Mr Woolerton.

ENDS

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