The power companies are rorting us
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8:30 am, November 15th, 2022 - 25 comments
Categories: assets, climate change, Economy, energy, Environment, global warming, Privatisation, privatisation, uncategorized -
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Over the years I have written a number of posts about the consequences of the great power company and Air New Zealand share selloff that National engaged in during its last term.
In my last post in January 2019 I calculated that the privatisation had cost New Zealand Inc the sum of $2.3 billion in lost dividends and the the shares that were sold were then worth $4.2 billion more than what we sold them for.
FIRST Union, NZCTU, and 350 Aotearoa have just released a joint report suggesting that the privatisations were not only disastrous for the country’s finances but also disastrous for the planet.
From the NZCTU website:
A new report co-authored by FIRST Union, NZCTU, and 350 Aotearoa argues that since the partial-privatisation of our electricity companies, the four big generator-retailers (“the gentailers”) have delivered billions in excess dividends to shareholders. Excess dividends are payments to shareholders in excess of the profits earned by the gentailers.
“From 2014 to 2021 these firms have collectively paid out $3.7 billion more in dividends to their shareholders than they have earned in profits – an average excess dividend of $459 million a year,” said FIRST Union Researcher and Policy Analyst Edward Miller.
“Excess dividend distribution has starved our electricity network of the investment needed to build new generating capacity, hiking prices on households in the midst of a cost of living crisis, and keeping coal and gas-powered generating assets on life support”, said Miller.
“In December 2020 the NZ Government declared a climate emergency, but we are yet to see the kind of urgent action required to match the scale of the threat”, said Miller.
“Private ownership of the electricity industry has lost us almost a decade of possible progress in the fight for a just transition to a low-emissions economy”.
Miller said the era of excess dividends must now end.
“As the largest gentailer shareholder, we’re calling on Government to propose resolutions at shareholder meetings that will channel profits into building new renewable generating capacity, and using any dividends to buy back the gentailer shares”, said Miller.
CTU Economist Craig Renney said “The government has recently acted on the banking sector, and on petrol companies to ensure that they are delivering better outcomes for New Zealanders. This report demonstrates that there is a pressing need to do this for the electricity sector as well.
New Zealand now generates more electricity through coal and gas than we did in 2018. Prices for customers are rising, but new renewable electricity generation that might tackle rising bills and our climate commitments has been missing in action”.
“If the Government wants to honour its commitment to a just transition, it needs to continue to be proactive in holding companies to account.”
The report also calls on the Government to commit the equivalent of its excess dividend into financing new community and household generation ($1.35 billion), and to levy a windfall tax on the gentailers for their remaining excess dividend ($2.36 billion).
350 Aotearoa Executive Director Alva Feldmeier said the Government had a crucial role to play in establishing a solution.
“We can’t expect the market to fix itself. The gentailers feel more accountable to their shareholders than to their consumers which is delivering neither fast emission reductions nor addressing the huge levels of power poverty in Aotearoa”.
Miller said “A majority of people opposed partial-privatisation in the 2013 asset sales referendum; ignoring those voices has come at great cost. It’s time for an electricity system that serves people and planet, not shareholders.”
The associated report contains the calculations behind the conclusions and for the purpose of its analysis includes Contact Energy which was privatised by a previous National Government in 1999 and excludes Air New Zealand.
The conclusions in the executive summary for the report are damning:
- From 2014 until 2021, the four big generator-retailer firms (the gentailers) have distributed $8.7 billion in dividends off only $5.35 billion earned in profits. Collectively, the gentailers have delivered $3.7 billion in excess dividends to shareholders over this period, averaging $459 million a year.
- The NZ Government is a major beneficiary of this, collecting$1.35 billion in excess dividends as part of the$3.75 billion collected from its 51 percent shareholding over this period. This is an average of $150 million per year.
- Systemic underinvestment in generating capacity has enabled excess dividend distribution, leaving New Zealand’s generating capacity practically flat over the last decade.
- Underinvestment in renewable generation enables high-cost high-emission fossil fuel electricity to set the prices for cheaper renewable electricity, dragging prices up across the market and bolstering profits.
- Excess dividend distribution’s impact is offset by a process of asset revaluations, itself the result of rising electricity prices. Asset revaluations now account for 56 percent of the value of fixed assets held by the three mixed ownership gentailers ($10.9 billion out of $19.6 billion)
Next time a National Party politician criticises the Government for Aotearoa still burning coal or for the high cost of electricity remind them that their sell off of the country’s electricity companies led directly to this situation.
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- Surprise: Landlord tax cuts don’t trickle downThe Green Party is renewing its call for rent controls following reports of rental prices hitting an all-time high. ...1 week ago
- Release: $1.7b for no increase in access to medicineThe National-led Government continues its fiscal jiggery pokery with its Pharmac announcement today, Labour Health spokesperson Ayesha Verrall says. “The government has increased Pharmac funding but conceded it will only make minimal increases in access to medicine”, said Ayesha Verrall “This is far from the bold promises made to fund ...1 week ago
- Release: National should heed Tribunal warning and scrap coalition commitment with ACTThis afternoon’s interim Waitangi Tribunal report must be taken seriously as it affects our most vulnerable children, Labour children’s spokesperson Willow-Jean Prime. ...1 week ago
- Release: More accountability for preventable workplace deaths this Workers’ Memorial DayLabour is calling for more accountability for preventable workplace deaths because everybody who goes to work deserves to come home safely. ...1 week ago
- Gaza: Aotearoa Must Support Independent Investigation into Mass GravesTe Pāti Māori are demanding the New Zealand Government support an international independent investigation into mass graves that have been uncovered at two hospitals on the Gaza strip, following weeks of assault by Israeli troops. Among the 392 bodies that have been recovered, are children and elderly civilians. Many of ...2 weeks ago
- Release: Working together on consistent support for veterans this Anzac DayOur two-tiered system for veterans’ support is out of step with our closest partners, and all parties in Parliament should work together to fix it, Labour veterans’ affairs spokesperson Greg O’Connor said. ...2 weeks ago
- Release: Penny drops – but what about Seymour and Peters?Stripping two Ministers of their portfolios just six months into the job shows Christopher Luxon’s management style is lacking, Labour Leader Chris Hipkins said. ...2 weeks ago
- Another ‘Stolen Generation’ enabled by court ruling on Waitangi Tribunal summonsTonight’s court decision to overturn the summons of the Children’s Minister has enabled the Crown to continue making decisions about Māori without evidence, says Te Pāti Māori spokesperson for Children, Mariameno Kapa-Kingi. “The judicial system has this evening told the nation that this government can do whatever they want when ...2 weeks ago
- Release: Budget blunder shows Nicola Willis could cut recovery fundingIt appears Nicola Willis is about to pull the rug out from under the feet of local communities still dealing with the aftermath of last year’s severe weather, and local councils relying on funding to build back from these disasters. ...2 weeks ago
- Further environmental mismanagement on the cardsThe Government’s resource management reforms will add to the heavy and ever-growing burden this Government is loading on to our environment. ...2 weeks ago
- Release: RMA changes will be a disaster for environmentThe Government is making short-sighted changes to the Resource Management Act (RMA) that will take away environmental protection in favour of short-term profits, Labour’s environment spokesperson Rachel Brooking said today. ...2 weeks ago
- Release: Labour supports urgent changes to emergency management systemLabour welcomes the release of the report into the North Island weather events and looks forward to working with the Government to ensure that New Zealand is as prepared as it can be for the next natural disaster. ...2 weeks ago
- Release: Labour calls for New Zealand to recognise PalestineThe Labour Party has called for the New Zealand Government to recognise Palestine, as a material step towards progressing the two-State solution needed to achieve a lasting peace in the region. ...2 weeks ago
- Release: Three strikes law political posturing of worst kindThe Government is bringing back a law that has little evidential backing just to look tough, Labour justice spokesperson Duncan Webb said. ...2 weeks ago
- Release: Government cuts unbelievably target child exploitation, violent extremism, ports and airpor...Some of our country’s most important work, stopping the sexual exploitation of children and violent extremism could go along with staff on the frontline at ports and airports. ...2 weeks ago
- Three strikes has failed before and will fail againResurrecting the archaic three-strikes legislation is an unwelcome return to a failed American-style approach to justice. ...2 weeks ago
- Release: Environmental protection vital, not ‘onerous’The Government’s Fast Track Approvals Bill will give projects such as new coal mines a ‘get out of jail free’ card to wreak havoc on the environment, Labour Leader Chris Hipkins said today. ...2 weeks ago
- Ferris – Three Strikes targets those ‘too brown to be white’The government's decision to reintroduce Three Strikes is a destructive and ineffective piece of law-making that will only exacerbate an inherently biased and racist criminal justice system, said Te Pāti Māori Justice Spokesperson, Tākuta Ferris, today. During the time Three Strikes was in place in Aotearoa, Māori and Pasifika received ...2 weeks ago
- Release: Govt cuts doctors and nurses in hiring freezeCuts to frontline hospital staff are not only a broken election promise, it shows the reckless tax cuts have well and truly hit the frontline of the health system, says Labour Health spokesperson Ayesha Verrall. ...3 weeks ago
- Fast-track submissions period must be extendedThe Green Party has joined the call for public submissions on the fast-track legislation to be extended after the Ombudsman forced the Government to release the list of organisations invited to apply just hours before submissions close. ...3 weeks ago
- Release: Progress on climate will be undone by GovtNew Zealand’s good work at reducing climate emissions for three years in a row will be undone by the National government’s lack of ambition and scrapping programmes that were making a difference, Labour Party climate spokesperson Megan Woods said today. ...3 weeks ago
- Accelerating Social Investment
A new standalone Social Investment Agency will power-up the social investment approach, driving positive change for our most vulnerable New Zealanders, Social Investment Minister Nicola Willis says. “Despite the Government currently investing more than $70 billion every year into social services, we are not seeing the outcomes we want for ...44 mins ago - Getting Back on TrackCheck against delivery Good morning. It is a pleasure to be with you to outline the Coalition Government’s approach to our first Budget. Thank you Mark Skelly, President of the Hutt Valley Chamber of Commerce, together with your Board and team, for hosting me. I’d like to acknowledge His Worship ...1 hour ago
- NZ – European Union ties more critical than everYour Excellency Ambassador Meredith, Members of the Diplomatic Corps and Ambassadors from European Union Member States, Ministerial colleagues, Members of Parliament, and other distinguished guests, Thank you everyone for joining us. Ladies and gentlemen - In diplomacy, we often speak of ‘close’ and ‘long-standing’ relations. ...15 hours ago
- Therapeutic Products Act to be repealedThe Therapeutic Products Act (TPA) will be repealed this year so that a better regime can be put in place to provide New Zealanders safe and timely access to medicines, medical devices and health products, Associate Health Minister Casey Costello announced today. “The medicines and products we are talking about ...18 hours ago
- Decisions on Wellington City Council’s District PlanThe Minister Responsible for RMA Reform, Chris Bishop, today released his decision on twenty recommendations referred to him by the Wellington City Council relating to its Intensification Planning Instrument, after the Council rejected those recommendations of the Independent Hearings Panel and made alternative recommendations. “Wellington notified its District Plan on ...20 hours ago
- Rape Awareness Week: Government committed to action on sexual violenceRape Awareness Week (6-10 May) is an important opportunity to acknowledge the continued effort required by government and communities to ensure that all New Zealanders can live free from violence, say Ministers Karen Chhour and Louise Upston. “With 1 in 3 women and 1 in 8 men experiencing sexual violence ...20 hours ago
- Smarter lunch programme feeds more, costs lessAssociate Education Minister David Seymour has today announced that the Government will be delivering a more efficient Healthy School Lunches Programme, saving taxpayers approximately $107 million a year compared to how Labour funded it, by embracing innovation and commercial expertise. “We are delivering on our commitment to treat taxpayers’ money ...21 hours ago
- Report provides insights into marine recoveryNew research on the impacts of extreme weather on coastal marine habitats in Tairāwhiti and Hawke’s Bay will help fishery managers plan for and respond to any future events, Oceans and Fisheries Minister Shane Jones says. A report released today on research by Niwa on behalf of Fisheries New Zealand ...22 hours ago
- NZ to send political delegation to the PacificDeputy Prime Minister and Foreign Minister Winston Peters will lead a broad political delegation on a five-stop Pacific tour next week to strengthen New Zealand’s engagement with the region. The delegation will visit Solomon Islands, Papua New Guinea, Vanuatu, New Caledonia, and Tuvalu. “New Zealand has deep and ...23 hours ago
- Low gas production threatens energy securityThere has been a material decline in gas production according to figures released today by the Gas Industry Co. Figures released by the Gas Industry Company show that there was a 12.5 per cent reduction in gas production during 2023, and a 27.8 per cent reduction in gas production in the ...1 day ago
- Defence industry talent, commitment recognisedDefence Minister Judith Collins tonight announced the recipients of the Minister of Defence Awards of Excellence for Industry, saying they all contribute to New Zealanders’ security and wellbeing. “Congratulations to this year’s recipients, whose innovative products and services play a critical role in the delivery of New Zealand’s defence capabilities, ...2 days ago
- Speech to the Minister of Defence Awards of Excellence for IndustryWelcome to you all - it is a pleasure to be here this evening.I would like to start by thanking Greg Lowe, Chair of the New Zealand Defence Industry Advisory Council, for co-hosting this reception with me. This evening is about recognising businesses from across New Zealand and overseas who in ...2 days ago
- Speech to the Sixth Annual New Zealand Government Data SummitIt is a pleasure to be speaking to you as the Minister for Digitising Government. I would like to thank Akolade for the invitation to address this Summit, and to acknowledge the great effort you are making to grow New Zealand’s digital future. Today, we stand at the cusp of ...2 days ago
- Ceasefire agreement needed now: PetersNew Zealand is urging both Israel and Hamas to agree to an immediate ceasefire to avoid the further humanitarian catastrophe that military action in Rafah would unleash, Foreign Minister Winston Peters says. “The immense suffering in Gaza cannot be allowed to worsen further. Both sides have a responsibility to ...2 days ago
- Daily school attendance data now availableA new online data dashboard released today as part of the Government’s school attendance action plan makes more timely daily attendance data available to the public and parents, says Associate Education Minister David Seymour. The interactive dashboard will be updated once a week to show a national average of how ...2 days ago
- Ambassador to United States appointedForeign Minister Winston Peters has announced Rosemary Banks will be New Zealand’s next Ambassador to the United States of America. “Our relationship with the United States is crucial for New Zealand in strategic, security and economic terms,” Mr Peters says. “New Zealand and the United States have a ...2 days ago
- New permit proposed for recreational gold miningThe Government is considering creating a new tier of minerals permitting that will make it easier for hobby miners to prospect for gold. “New Zealand was built on gold, it’s in our DNA. Our gold deposits, particularly in regions such as Otago and the West Coast have always attracted fortune-hunters. ...2 days ago
- NZ and the UAE launch FTA negotiationsMinister for Trade Todd McClay today announced that New Zealand and the United Arab Emirates (UAE) will commence negotiations on a free trade agreement (FTA). Minister McClay met with his counterpart UAE Trade Minister Dr Thani bin Ahmed Al Zeyoudi in Dubai, where they announced the launch of negotiations on a ...2 days ago
- New Zealand Sign Language Week an opportunity for anyone to signNew Zealand Sign Language Week is an excellent opportunity for all Kiwis to give the language a go, Disabilities Issues Minister Louise Upston says. This week (May 6 to 12) is New Zealand Sign Language (NZSL) Week. The theme is “an Aotearoa where anyone can sign anywhere” and aims to ...3 days ago
- Next stop NASA for New Zealand studentsSix tertiary students have been selected to work on NASA projects in the US through a New Zealand Space Scholarship, Space Minister Judith Collins announced today. “This is a fantastic opportunity for these talented students. They will undertake internships at NASA’s Ames Research Center or its Jet Propulsion Laboratory (JPL), where ...3 days ago
- $1.9 billion investment to keep NZ safe from crimeNew Zealanders will be safer because of a $1.9 billion investment in more frontline Corrections officers, more support for offenders to turn away from crime, and more prison capacity, Corrections Minister Mark Mitchell says. “Our Government said we would crack down on crime. We promised to restore law and order, ...3 days ago
- OECD reinforces need to control spendingThe OECD’s latest report on New Zealand reinforces the importance of bringing Government spending under control, Finance Minister Nicola Willis says. The OECD conducts country surveys every two years to review its members’ economic policies. The 2024 New Zealand survey was presented in Wellington today by OECD Chief Economist Clare Lombardelli. ...3 days ago
- Agreement delivers Local Water Done Well for AucklandThe Government has delivered on its election promise to provide a financially sustainable model for Auckland under its Local Water Done Well plan. The plan, which has been unanimously endorsed by Auckland Council’s Governing Body, will see Aucklanders avoid the previously projected 25.8 per cent water rates increases while retaining ...4 days ago
- Gaza and the Pacific on the agenda with GermanyForeign Minister Winston Peters discussed the need for an immediate ceasefire in Gaza, and enhanced cooperation in the Pacific with German Foreign Minister Annalena Baerbock during her first official visit to New Zealand today. "New Zealand and Germany enjoy shared interests and values, including the rule of law, democracy, respect for the international system ...5 days ago
- Decision allows for housing growth in Western Bay of PlentyThe Minister Responsible for RMA Reform, Chris Bishop today released his decision on four recommendations referred to him by the Western Bay of Plenty District Council, opening the door to housing growth in the area. The Council’s Plan Change 92 allows more homes to be built in existing and new ...6 days ago
- Speech to New Zealand China CouncilThank you, John McKinnon and the New Zealand China Council for the invitation to speak to you today. Thank you too, all members of the China Council. Your effort has played an essential role in helping to build, shape, and grow a balanced and resilient relationship between our two ...6 days ago
- Modern insurance law will protect Kiwi householdsThe Government is modernising insurance law to better protect Kiwis and provide security in the event of a disaster, Commerce and Consumer Affairs Minister Andrew Bayly announced today. “These reforms are long overdue. New Zealand’s insurance law is complicated and dated, some of which is more than 100 years old. ...7 days ago
- Government recommits to equal payThe coalition Government is refreshing its approach to supporting pay equity claims as time-limited funding for the Pay Equity Taskforce comes to an end, Public Service Minister Nicola Willis says. “Three years ago, the then-government introduced changes to the Equal Pay Act to support pay equity bargaining. The changes were ...7 days ago
- Transforming how our children learn to readStructured literacy will change the way New Zealand children learn to read - improving achievement and setting students up for success, Education Minister Erica Stanford says. “Being able to read and write is a fundamental life skill that too many young people are missing out on. Recent data shows that ...7 days ago
- NZ not backing down in Canada dairy disputeTrade Minister Todd McClay says Canada’s refusal to comply in full with a CPTPP trade dispute ruling in our favour over dairy trade is cynical and New Zealand has no intention of backing down. Mr McClay said he has asked for urgent legal advice in respect of our ‘next move’ ...7 days ago
- Stronger oversight for our most vulnerable childrenThe rights of our children and young people will be enhanced by changes the coalition Government will make to strengthen oversight of the Oranga Tamariki system, including restoring a single Children’s Commissioner. “The Government is committed to delivering better public services that care for our most at-risk young people and ...7 days ago
- Streamlining Building Consent ChangesThe Government is making it easier for minor changes to be made to a building consent so building a home is easier and more affordable, Building and Construction Minister Chris Penk says. “The coalition Government is focused on making it easier and cheaper to build homes so we can ...1 week ago
- Minister acknowledges passing of Sir Robert Martin (KNZM)New Zealand lost a true legend when internationally renowned disability advocate Sir Robert Martin (KNZM) passed away at his home in Whanganui last night, Disabilities Issues Minister Louise Upston says. “Our Government’s thoughts are with his wife Lynda, family and community, those he has worked with, the disability community in ...1 week ago
- Speech to New Zealand Institute of International Affairs, Parliament – Annual Lecture: Challenges ...Good evening – Before discussing the challenges and opportunities facing New Zealand’s foreign policy, we’d like to first acknowledge the New Zealand Institute of International Affairs. You have contributed to debates about New Zealand foreign policy over a long period of time, and we thank you for hosting us. ...1 week ago
- Accelerating airport security linesFrom today, passengers travelling internationally from Auckland Airport will be able to keep laptops and liquids in their carry-on bags for security screening thanks to new technology, Transport Minister Simeon Brown says. “Creating a more efficient and seamless travel experience is important for holidaymakers and businesses, enabling faster movement through ...1 week ago
- Community hui to talk about kina barrensPeople with an interest in the health of Northland’s marine ecosystems are invited to a public meeting to discuss how to deal with kina barrens, Oceans and Fisheries Minister Shane Jones says. Mr Jones will lead the discussion, which will take place on Friday, 10 May, at Awanui Hotel in ...1 week ago
- Kiwi exporters win as NZ-EU FTA enters into forceKiwi exporters are $100 million better off today with the NZ EU FTA entering into force says Trade Minister Todd McClay. “This is all part of our plan to grow the economy. New Zealand's prosperity depends on international trade, making up 60 per cent of the country’s total economic activity. ...1 week ago
- Mining resurgence a welcome signThere are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand, Resources Minister Shane Jones says. “The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past ...1 week ago
- Ō-Rākau Remembrance Bill passes first readingThe return of the historic Ō-Rākau battle site to the descendants of those who fought there moved one step closer today with the first reading of Te Pire mō Ō-Rākau, Te Pae o Maumahara / The Ō-Rākau Remembrance Bill. The Bill will entrust the 9.7-hectare battle site, five kilometres west ...1 week ago
- Government to boost public EV charging networkEnergy Minister Simeon Brown has announced 25 new high-speed EV charging hubs along key routes between major urban centres and outlined the Government’s plan to supercharge New Zealand’s EV infrastructure. The hubs will each have several chargers and be capable of charging at least four – and up to 10 ...1 week ago
- Why Trust Is A Must
The Acumen Edelman Trust barometer reported that New Zealand’s political trust score now sits below the global average, a topic explored in a recent discussion paper by Maxim Institute. ...23 mins ago - Protest March Against Fast-track Bill Announced For AucklandGreenpeace Aotearoa executive director Russel Norman says, "The Fast-Track Bill is the most damaging piece of environmental legislation any Government has introduced in living memory. People are angry, and it’s time to march." ...1 hour ago
- Watch live: Finance Minister Nicola Willis makes pre-Budget speech
Finance Ministers have used past pre-Budget speeches to reveal where savings have been found and what rules have been set. ...1 hour ago - 'Completely stupid' – ex-Tuvalu PM on Shane Jones' oil and gas commentsEnele Sopoaga - who still serves as an MP in Tuvalu - says the climate crisis is the "main enemy". ...2 hours ago
- School lunch revamp: 'The biggest waiting list since 2018'Up to 10,000 more hungry children under five will become eligible for free lunches under the government's revised lunches in schools programme. ...2 hours ago
- Book of the Week: Ashleigh Young on an extinction event
“Show us the bird,” I found myself muttering at times while reading Hard by the Cloud House by Peter Walker, a deeply thoughtful, often hilarious, at times rambling – but somehow delightfully so – search for the story of a big bird. But not just any bird: the bird. This ...3 hours ago - A ‘sponge city’ may be your home in 2050
Source: The Conversation (Au and NZ) – By Jack Marley, Environment + Energy Editor, UK edition DPVUE .images/Shutterstock Your home was probably designed for a climate that no longer exists. As long as humanity continues to burn fossil fuel, padding the heat-trapping blanket of gases in Earth’s atmosphere, the ...3 hours ago - Tikanga is the first law of Aotearoa
A senior lawyer has filed a complaint about tikanga becoming a required law school module. Law lecturer Carwyn Jones explains what he’s getting wrong. “…the first law of Aotearoa, a law that served the needs of tangata whenua for a thousand years before the arrival of tauiwi.” – Ani Mikaere ...4 hours ago - ‘Your agency is taken away’: When endometriosis treatment changes without your consentIn 2019, an Auckland woman woke up from surgery to find that she had undergone a treatment she didn’t consent to. She tells Alex Casey about her experience. From her very first period at the age of 14, Laura experienced “debilitating” levels of pain that forced her to withdraw from ...4 hours ago
- IRD chases decades-old student debt for woman who never went to universityWhen Clara Owen first received a debt notice from Inland Revenue in 2018 she wondered if it was a scam The post IRD chases decades-old student debt for woman who never went to university appeared first on Newsroom. ...4 hours ago
- Green shoots prunedComment: Concerns about the state of the economy are creeping up to the top of firms’ list of challenges. That’s evident in both surveys and the tone of our recent client discussions. Skimming the past few weeks of eco-news, it’s not hard to see why. – Retail card spending fell ...4 hours ago
- Daily crossword, Thursday 9 MayThe post Daily crossword, Thursday 9 May appeared first on Newsroom. ...4 hours ago
- How the Greens could be contendersOpinion: Could former co-leader James Shaw still make a difference to working with National? The post How the Greens could be contenders appeared first on Newsroom. ...4 hours ago
- The ‘war on drugs’ is really a ‘war on people who use drugs’ – and it doesn’t workOpinion: What if we got rid of our existing drug laws and replaced them with a new law that legalised and carefully regulated all psychoactive substances, from cannabis to MDMA, methamphetamine and LSD to magic mushrooms? And which also included legal drugs such as alcohol and nicotine. “Wow,” you might ...4 hours ago
- David Seymour – not the associate education minister you expectedAnalysis: David Seymour’s school lunches programme goes further than Labour’s The post David Seymour – not the associate education minister you expected appeared first on Newsroom. ...4 hours ago
- Wayne Brown’s port deal seeks to end five years of dramaSeeking a mandated shift for Port of Auckland before he was mayor, Wayne Brown has tried demanding huge returns and leasing operations The post Wayne Brown’s port deal seeks to end five years of drama appeared first on Newsroom. ...4 hours ago
- DoC set to cut permanent jobs on Chatham IslandsIn the gloom following director-general Al Morrison’s job cuts in 2013, the Department of Conservation restructured its operations arm. Eleven conservancy districts were whittled into six new “conservation delivery” regions, under which the Rēkohu/Wharekauri/Chatham Islands area, comprising 40 scattered islands more than 800km east of Christchurch, was tethered to the ...4 hours ago
- Levels of litigation rising with economic hardshipOne of th e country’s top litigation lawyers says New Zealand is seeing a lift in court action between companies. Chapman Tripp partner Justin Graham, who oversees a team of around 80 litigation specialists, says the courts are now so log-jammed that it’s taking over two years to get cases ...4 hours ago
- Newsroom daily quiz, Thursday 9 MayLoading…(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A,DIV,A[data-quiz],DIV[data-quiz]'); if(ql){if(ql.length){for(var k=0;k<ql.length;k++){ql[k].id='quiz-embed-'+k;ql[k].href="javascript:var i=document.getElementById('quiz-embed-"+k+"');try{qz.startQuiz(i)}catch(e){i.start=1;i.style.cursor='wait';i.style.opacity='0.5'};void(0);"}}};i['QP']=r;i[r]=i[r]||function(){(i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o),m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m)})(window,document,'script','https://take.quiz-maker.com/3012/CDN/quiz-embed-v1.js','qp'); Got a good quiz question? Send Newsroom your questions. The post Newsroom daily quiz, Thursday 9 May appeared first on Newsroom. ...4 hours ago
- China challenges must be managed if opportunities are to be sustainedOpinion: A continuation of the previous Labour government’s ‘China-plus’ diversification strategy The post China challenges must be managed if opportunities are to be sustained appeared first on Newsroom. ...4 hours ago
- Gas is good until 2050 and beyond, under Albanese gas strategySource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The Albanese government is talking up the crucial role of gas as a transition fuel “through to 2050 and beyond”. In a gas strategy to be released on Thursday, the government envisages the fuel’s ...7 hours ago
- Wellington zoning changes backed by minister, but not all are happy with decisionsThe capital will get more housing including six-storey buildings and minimum front and side yard requirements in high-density residential zones. ...10 hours ago
- Politics with Michelle Grattan: James Paterson on prospects for passage of the government’s deport...Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Next week the government will again next try to get its legislation through to deal with non-citizens who won’t cooperate with efforts to deport them. The bill, which the opposition and crossbench refused to rush ...12 hours ago
- NZCTU Launch Project To Set Out Alternative Vision For AotearoaA long-term project that will set out an alternative vision for Aotearoa that looks beyond the narrow confines of the policy straight jacket adopted by successive governments. ...14 hours ago
- Yes, Australia’s big supermarkets have been price gouging. But fixing the problem won’t be easySource: The Conversation (Au and NZ) – By Bree Hurst, Associate Professor, Faculty of Business and Law, QUT, Queensland University of Technology TK Kurikawa/Shutterstock A much-awaited report into Coles and Woolworths has found what many customers have long believed – Australia’s big supermarkets engage in price gouging. What started ...14 hours ago
- The government wanted to avoid an inquiry into its deportation bill. Given the findings, it’s easy...Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Associate Professor and Deputy Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney The Albanese government wanted to avoid an inquiry into its migration amendment bill. The report, handed down yesterday by a senate committee that ...15 hours ago
- Senate report on lobbying passes the buck on improving transparency or legislationSource: The Conversation (Au and NZ) – By Joo-Cheong Tham, Professor, Melbourne Law School, The University of Melbourne Lobbying is at the heart of government. Who has access to and influence over key government officials shapes the decisions governments make – and how they make them. The ability to influence ...15 hours ago
- Ngāti Toa rallies against Fast Track Approvals BillIwi would not allow the government to degrade its whenua, moana or awa for the purpose of urban development, ministers were told. ...15 hours ago
- Free school lunches: Labour MP apologises over 'offensive' Hamas tweet to SeymourDuncan Webb had queried if the ACT leader did not like hummus because it is too close to Hamas. ...16 hours ago
- Australia’s Eurovision entry this year is the first to sing in First Nations language: meet Electr...Source: The Conversation (Au and NZ) – By Myfany Turpin, Associate Professor, Ethnomusicology, Linguistics and Ethnobiology, University of Sydney The act representing Australia at this year’s Eurovision contest has sadly not qualified for the grand final. Yet for Zaachariaha Fielding and Michael Ross, the duo that makes up Electric Fields, ...17 hours ago
- Labour claims win as govt commits to new free school lunches modelThe Labour Party is claiming a win for its campaign that the government commit to keeping and funding free school lunches. ...17 hours ago
- A definitive list of woke and non-woke foodsIn announcing changes to the school lunches programme, David Seymour said kids would no longer be served ‘woke’ foods. To clear up any confusion, The Spinoff has compiled a guide to the wokeness levels of some common food items. Apple = NOT WOKE Avocado = WOKE Avocado, smashed = EVEN ...18 hours ago
- Future of the planet more important than the Greens survival, former co-leader James Shaw saysFormer Green Party co-leader James Shaw calls out tribalism and hyper-partisanship - including in his own party. ...18 hours ago
- Fourth urgent inquiry by the Waitangi Tribunal, this time on Māori wardsThe Tribunal is conducting another urgent inquiry into plans to require councils to hold a binding referendum on Māori wards. ...18 hours ago
- NCSC Briefs IPAC Representatives On Response To Malicious Cyber ActivityThe Minister Responsible for GCSB and the Inspector-General of Intelligence and Security have been notified of this review, and have been provided a finalised Terms of Reference. ...18 hours ago
- How is China being taught at Australian universities? And why does this matter? Here’s what our re...Source: The Conversation (Au and NZ) – By Minglu Chen, Senior Lecturer, Government and International Relations, University of Sydney Robert Way/Shutterstock As the past few years have illustrated so clearly, the Australia-China relationship is complicated. As such, it is crucial for Australians to develop a more nuanced understanding of ...18 hours ago
- Saving the Mary River turtle: how the people of Tiaro rallied behind an iconic speciesSource: The Conversation (Au and NZ) – By Mariana Campbell, Research Lecturer, Conservation, Charles Darwin University Marilyn Connell Australian freshwater turtles are facing an alarming trend. Almost half of these species are listed as vulnerable, endangered or critically endangered. The Mary River turtle (Elusor macrurus) is one of Australia’s ...18 hours ago
- Why are algorithms called algorithms? A brief history of the Persian polymath you’ve likely never ...Source: The Conversation (Au and NZ) – By Debbie Passey, Digital Health Research Fellow, The University of Melbourne Algorithms have become integral to our lives. From social media apps to Netflix, algorithms learn your preferences and prioritise the content you are shown. Google Maps and artificial intelligence are nothing without ...18 hours ago
- Neuroaffirming care values the strengths and differences of autistic people, those with ADHD or othe...Source: The Conversation (Au and NZ) – By Josephine Barbaro, Associate Professor, Principal Research Fellow, Psychologist, La Trobe University Unsplash We’ve come a long way in terms of understanding that everyone thinks, interacts and experiences the world differently. In the past, autistic people, people with attention deficit hyperactive disorder ...18 hours ago
- ‘Reckless’ kina devaluation spells disaster for PNG, says NomanePNG Post-Courier Papua New Guinea’s deputy opposition leader James Nomane has accused the government of “reckless economic management” that has forced devaluation to manage loan repayments in foreign currency and placate the International Monetary Fund (IMF). Prime Minister James Marape “must stop lying to the people of Papua New Guinea”, ...18 hours ago
- Modernising Census – Stats NZFrom today, members of the public can have their say on what Aotearoa New Zealand’s census could look like in the future. ...19 hours ago
- ‘I do love a good funnysad novel’: Jane Arthur on her favourite booksWelcome to The Spinoff Bookseller Confessional, in which we get to know Aotearoa’s booksellers. This week: Jane Arthur, author of Brown Bird, and former bookseller at Good Books. The book I wish I’d written I have been working on not comparing myself to others. On accepting that what I can ...19 hours ago
- RMA Minister rejects Wellington council's bid to remove heritage protections from buildingsCouncil did not provide sufficient evidence to support its reasons for removing the 10 buildings from the Heritage schedule, Chris Bishop says. ...19 hours ago
- War for Wellington: Minister approves sweeping upzoning, rejects heritage changesThe final decision on the Wellington District Plan makes it official: High-density housing is legal across most of Wellington. Housing minister Chris Bishop has announced his decision on the Wellington District Plan, approving a series of amendments to radically upzone most of Wellington, allowing tens of thousands of new townhouses ...19 hours ago
- Bryce Edwards Analysis – Following the political moneyAnalysis by Dr Bryce Edwards – Democracy Project (https://democracyproject.nz) Political scientist, Dr Bryce Edwards. “Follow the money” is the classic directive to journalists trying to understand where power and influence lie in society. In terms of uncovering who influences various New Zealand political parties and governments, it therefore pays to ...20 hours ago
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Quite frankly, our high level of hydro dams (built to a high standard over the past venture) should mean that the level of power prices should be similar to that of gas prices in Turkmenistan. Zero.
We should be looking to abundance, not scarcity. Our power prices should reflect that. The money men need to be thrown out
Any comment from the Nats? Something about the free market and tough times for the poor power companies? Anything?
I have heard from some right-wing types that there is insufficient regulation in controlling the prices.
It is a quasi-monopoly anyway.
Of course it is. All power generation and transport infrastructure is some form of monopoly economically. However the problem isn’t with the pricing. If you read the post, it shows that the dividends being paid to shareholders are larger than their profits.
Basically the post shows that the gentailers are mining the previous asset values in infrastructure to generate excessive dividends to shareholders. They aren’t investing in the new capacity that their customers need now and into the future. For basic things like having the capacity to power electric vehicles or to make green hydrogen (if that ever gets safe enough to use).
For the last 3 decades there has been limited investment into the infrastructure relative to the value of the infrastructure to maintain it. Effectively the grid and generation is being run down for dividends.
The simplest short-term solution would be to just raise the costs to the power generator companies to transport the power over the grid to about 2-4x the current take from Transpower. That will allow the grid to be actually upgraded rather than patched to stop it failing.
We should have had the high capacity lines from Manapouri to upper South Island decades ago. It is ridiculous that the upper SI imports power from the North Island through a lot of the winters. While we need more lines across the Cook Strait to handle extremes, it shouldn’t be something that should encouraged as being normal. It becomes a single point of failure in a tectonically unstable region.
Raising the transport charges would also allow Transpower to subsidise new generation initiatives as the cost of connecting to the grid is considerable. Reduce the cost of new generation capacity and the profitability incentives change.
Set a plan to drop short-term (~5 years) to outlaw power generation by coal. And a longer term (decades) to do the same for gas.
I’d also dump the electricity market as well simply because that is increasingly looking like a manipulative system for rorting artificial shortages.
Alternatively just put an absolute upper limit on the spot prices, with a capacity for the electricity commission to demand capacity from hydro at a fixed prices when capacity shortages (and large fines for any generator who doesn’t comply immediately).
The risk for insufficient capacity and transfer needs to get dropped on to the generators rather than consumers, business or public.
FFS: When was that last hydro system put into NZ? 2013 were the last commissioning. Basically they stopped after National removed the incentives to start making them when they sold off the gentailers.
https://en.wikipedia.org/wiki/List_of_power_stations_in_New_Zealand#Hydroelectric
And could we please get rid of the smelter or at the very least raise their power price to something similar to what NZ businesses pay.
"When was that last hydro system"?
Meridian tried to build one about 10 years ago. Of course the Green Party opposed it and got Dunne to support them. Can't have Hydro stations you know. They might bother some fish who currently live in a river, or affect some scenery, or snails, that no one ever visits.
https://www.nzherald.co.nz/nz/west-coast-hydro-scheme-approval-upsets-govt-ally/LS5FEFARCUS73PDSE7DIO26SKQ/
Meridian ended up scrapping the proposal, as they also had had to do with Project Aqua on the Waitaki and a wind farm project in Central Otago.
https://www.nzherald.co.nz/nz/meridian-axes-mokihinui-dam/TYXMTGM3B6NVBDC2WQNHVJYE3I/
Something has gone wrong with my reading/brain….I keep seeing gentitalia and not gentailer. I'd better come back later as it is not going to make much sense with this reading!
Actual genitalia, or just the word?
Just the word thankfully but even the word makes a strange read.
It has passed now as I am consciously reading gentailers now. I may even have enough of my wits about me to comment on gentailers.
I have been sad that this crock that is the electricity system has not been tackled by this Labour Govt. Though it will be difficult because the whole system is tied down tight, by interlocking relationships. Possibly one of the more immovable monuments to neo lib we have.
The profits and taxes from the 100% Government monopoly,are used for general use rather then reinvested in the grid (where it uses debt ) over 750m under this government.
Go round transmission is nearly complete joining the Clutha and Waitaki transmission systems with duplex.Upper south is supplied most nights when sufficient wind is generated to sustain hydro levels,
Top of the South especially Tasman needs more local distributed generation as they already pay over 10$mwh extra for transmission.CS cables is in the capital plan ( big $$$$$) .
There is also a project from the Wairakei with go round power and interconnections to duplicate supply North.A full electric project to meet the Governments aspirational goals by 2030 ( can only reach 98% renewable) will cost 11b$ for transmission,and 11b$ on distribution with additional costs going forward as Liquid fuels are substituted.This does not include generations costs.
Real time pricing (with supply/demand smoothing) has reduced window blocks to 5 minutes from 30, has been in place since the 1st November,and reduces pricing risks from wind forecasts (with a probability 90%)
Interesting. I wasn't aware of the cross connections being that close. I also need to look at the wind power reliability for the SI.
In the NI the effective baseload is now geothermal which has no storage. The mix is quite different.
I will have another look at your comment on the weekend.
Wind power comes south (hvdc) where it reduces both water and transmission loss.
Two wind projects to be activated in South island (planning and finance approved)
Hydro NI is mostly run of river,there needs to be more generation capacity north of auckland, some with battery storage for marsden point,and a good use of existing transmission with refinery closed.
There are proposed solutions:
https://www.greens.org.nz/fix_electricity_market_to_help_both_climate_and_cost_of_living
Have they been ruled out yet?
Power generation and supply needs to be returned to full public ownership and control. Any compensation should depend on the bludging Gentailers pissing off very quietly indeed.
Hydro power was built with public money, along with NZers labour and skills. It is a travesty that some working class people could not heat their homes adequately in 2022.
“Winter Energy” transfers like WFF transfers from other taxpayers show the neo liberal emperor wears ripped jeans.
One of the greatest dissapointments of Jacinda's govt is that fact that they are/were too soft on the power companies. Corporate greed in this country is too far embedded.
Aye
Gotta agree there. It's hard not to think that govts just see their populations as a captive pool of mugs, whom they provide to the 'market' monsters to be rorted.
Yes definitely renationalise the generators.
They do not deserve any compensation as their whole rort is based upon asset returns.
They didn't have any assets until the public of NZ gave them to them. So all of those returns should belong to the public for further investment.
I've gone back to reading Bruce Jesson's 'Only Their Purpose is Mad' from 1999, where he and Alliance colleagues successfully resisted (for the most part) privatisation.
He goes through the bureaucratic ideological capture, political capture, commercial fee capture, and legal capture of the proposed liquidation of Auckland's assets.
And here we are with Mayor Brown 2 decades later spouting the same nonsense, preparing to do the same.
There is a significant use of selective statistics in this spiel,by changing time series for selective quotes.
FF (including oil) generation reduced from 2014-2021 by 707 gwh.
Residential customers in real terms (including gst.)
2014 the energy cost (incl levys) was 19.07 c kwh,
2022 the energy cost (inc levy) is 18.62 c kwh
The energy cost is the generation,regulator levy,retailers margin.
The remainder of the bill is transmission and distribution.
Both generation and consumption are flatlined since 2014.
Dividends in excess of profits with no investment in the business year on year is wreckless.
I'm sure that nice Mr key has an explanation for it mickey. As the party of fiscal responsibility I'm sure they'll want to respond as to why it's not their fault.
It should be simple enough to legislate that dividends can be no more than 30% of profit.
I'd rather see it renationalised. Pay the share holders the equivalent of the original price less the excess dividends they have received.
The power companies are rorting us.
The banks are rorting us.
The supermarkets are rorting us.
Welcome to neoliberalism.
You can add pharma to that list
I think I read somewhere that some of the cool free trade agreements clauses work to prevent regulation. We are beyond making decisions just to suit ourselves. Anyone else know about that? Is it true?
So I take it that there is currently no carbon offsetting system specific to the electricity industry?