John Key hikes Kiwis’ power bills by $370
new-zealand-labour-party
Tue Jul 09 2013 12:00:00 GMT+1200 (New Zealand Standard Time)
John Key hikes Kiwis’ power bills by $370
Tuesday, 9 July 2013, 3:09 pm
Press Release: New Zealand Labour Party
09 July 2013 MEDIA STATEMENT
John Key hikes Kiwis’ power bills by $370
John Key’s desire to suck dividends out of the national grid operator Transpower means Kiwi households have had hundreds of dollars added to their power bills, says Labour Leader David Shearer.
“John Key is forcing Transpower to pay the Government dividends instead of investing it in upgrading the lines.
“In the last two years, Transpower has paid over $600 million dollars in dividends, and it will pay out another $151 million this year. Over five years it is forecast that Transpower will end up paying over $1.1 billion in dividends.
“Who ends up paying? Household consumers and businesses, through higher lines charges on their power bills. By 2015 that adds up to a bill of $370 to every household to pay for National’s dividends.
“Kiwis should not have to pay for dividends when that money should be used to upgrade the network. When Labour was in office we waived the requirement for dividends, so Transpower could get on with the job of upgrading our national grid.
“It’s already difficult enough for hard-working Kiwis to get by. Too many get scared every time they open the power bill. John Key is so out of touch he thinks the price for we pay for power is fair.
“I don’t. Power bills are out control – the hundreds of thousands of Genesis customers who got a price hike last week will agree. Prices need to come down. Our NZ Power policy will save Kiwis hundreds of dollars a year in power bills and restrict future price rises,” says David Shearer.
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ENDS
Financial Year
Transpower Dividend ($m)
Cumulative Transpower Dividend ($m)
Cost each year to average household ($)
Total cost to average household ($)
2011-12
315
315
100.36
100.36
2012-13
295
610
93.99
194.35
2013-14
151
761
48.11
242.46
2014-15
188
949
59.90
302.35
2015-16
211
1160
67.22
369.58
Source 2011-12 dividend: https://www.transpower.co.nz/sites/default/files/publications/resources/quarterly-report-sept-2012_0.pdf
Source 2012-16 dividends: [https://www.transpower.co.nz/sites/default/files/publications/resources/SCI%202013-14%20FINAL.pdf](https://www.transpower.co.nz/sites/default/files/publications/resources/SCI
2013-14 FINAL.pdf)
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