C & R spins privatisation agenda
*******
SAT, 11 October - GE Free NZ Marches all around the country
Auckland - meet at 12 noon, bottom of Queen Street *
Wellington - meet at 12 noon in Civic Square, then march to Parliament *
Christchurch - meet at 2pm at the Museum
Dunedin - meet at 12 noon in the Octagon, then march to the museum.
For more info about the marches check out http://www.thebigmarch.net
For local GE free group contact details go
*******
C & R spins privatisation agenda
The privatisation of electricity by a share float is about creating opportunities for wealth for the shareholders who
buy those shares. It has nothing to do with provision of electricity in the public interest, Powerlynk says.
The claim by Citizens and Ratepayers Now that their campaign is about keeping Vector "public" is pure spin, says
Powerlynk candidate Jill Ovens.
"They are advocating an initial share float of up to 25% of the lines company Vector because people like John Collinge
who own Vector bonds stand to benefit personally if a float happens by 2006," Ms Ovens says.
According to the Vector Annual Report, Mr Collinge, who is an AECT trustee, a Vector director, deputy chair of both
bodies and a candidate for the AECT elections next week, holds 200,000 Vector bonds (125,000 in his own right and 75,000
through a family trust).
"That's more than any other director, but nearly all of the Vector directors have them. Owning these bonds gives the
holders preferential rights in a share float. Thus they have a vested interest in finding growth opportunities, such as
expanding into Australia or getting into power generation, that would require large scale investment in order to justify
a share float."
Ms Ovens says the only way for the public to maintain their rightful control of this essential public service is to
retain 100% ownership.
C is being mischievous in distinguishing between "ownership" and "control" when it comes to privatisation, she says. The
US Department of Energy defines privatisation as "any movement that diminishes public ownership and control and
increases private ownership and control".
Ms Ovens says Powerlynk candidates have been talking to people in shopping centres and markets throughout the region and
they are finding almost unanimous support for 100% ownership of our electricity. She says people know there is a direct
link between privatisation of electricity and large-scale blackouts in California, the north-eastern US, New York, and
Canada, as well as Italy.
"New Zealanders did not ask for the electricity reforms that were foisted on them by Max Bradford during Warren Kyd's
chairmanship of the Energy Select Committee. The people did not demand, nor did they want unaccountable corporate
structures that focus on profit-making. Their main concern is customer service and security of supply. People want to
know that when they turn on the switch, their lights will come on."