Labour Party finance spokesman David Parker, left, and
leader David Cunliff. Photo / Mark Mitchell
Voters will know where Labour stands on buying back
partially-sold power companies before the election, leader
David Cunliffe says.
He would not be drawn on whether his party would commit to a
buy-back, but hinted that a decision would be made within the
Mr Cunliffe outlined Labour's energy policy at a media
conference in Rotorua this afternoon, which was mostly made
up of previously announced proposals such as a single
electricity buyer to set lower prices for households and
He spoke about the rorting of consumers by partially
privatised power companies such as Mighty River Power, which
last week announced a 84 per cent increase in profit to $212
The Government sold 49 per cent of Mighty River Power,
Meridian and Genesis' shares over the last 18 months.
Asked whether he was in a position to commit to buying back
these three companies, Mr Cunliffe said: "We'll be saying
more about that before the election.
"We've always reserved the right to take action on that
He would not comment further, but said voters would know
where Labour stood on the issue before they went to the
Labour left aside $100 million in the fiscal plan it released
last week. Mr Cunliffe would not confirm whether this money
could be spent on nationalising the companies.
In his speech, Mr Cunliffe said power prices had risen 4.2
per cent in the last quarter. Wages would not rise that much
in that next three years, he said.
"The message to Kiwis: If there was a recovery, where is your