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Genesis Partner Being Wound Down By Receivers

Contributor:
Fuseworks Media
Fuseworks Media
Charles Chauvel
Charles Chauvel

The Government must reassure the public that State Owned Enterprise Genesis has not lost millions of dollars of taxpayers' money, Labour's Energy spokesperson Charles Chauvel says.

"Genesis Energy was a major investor in oil production company Austral-Pacific, which is being wound up by receivers," Charles Chauvel said.

"Given that Genesis Energy is owned by the New Zealand Government, the public has a right to know how much money it has lost, particularly given the Government's hunger for increased SOE dividends.

"My concern would be that if Genesis has lost considerable amounts of money, at the same time as it is under pressure to return a higher dividend to the Crown, this will put the Company under even greater pressure to raise electricity prices.

"I will be writing to Ministers and to Genesis to ask how much has been lost as a result of the Austral-Pacific loss, and the consequences for Genesis power customers", Charles Chauvel says.

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