"Grey Power will go to the streets to fight the proposed sale of Meridian Energy," said Roy Reid, President of Grey Power and leader of the Keep Our Assets campaign, at Grey Power's annual general meeting in Auckland today. "The coming referendum will be a blot on the election campaigns of all parties that promote asset sales."

Selling Meridian is more bad news for New Zealanders. It would create a huge new income stream for the new owners, because the electricity that is now subsidised to the smelter is would be sold to New Zealanders at retail prices.. This would be a "regulatory concession" overwhelmingly larger than the concession just given to Sky City, that guarantees them the profits they get from problem gambling.

The regulatory concession to Meridian Energy would be to allow them - and all the other power companies - to continue profiteering at the expense of householders. Government would have to pay them compensation if regulation led to lower power prices.

New Zealanders are cutting back their use of heaters this winter because they cannot afford their power bills. Grey Power will continue to protest against power price rises.

"New Zealanders will vote for a fairer society, not the freedom to exploit consumers for shareholder profits," Roy Reid said.

ENDS

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