Energy firm gets big bill for climate

350 Aotearoa volunteer Nicola Campbell (left) and campaigner Adam Currie, both of Dunedin, hold a...
350 Aotearoa volunteer Nicola Campbell (left) and campaigner Adam Currie, both of Dunedin, hold a climate bill delivered to the Genesis Energy premises in Hillside Rd yesterday, as they call for windfall profits enjoyed by the company and other gentailers to be taxed and reinvested in renewable energy. PHOTO: SUPPLIED
Climate activists have delivered a giant bill to Genesis Energy in Dunedin to highlight the billions of dollars profits being made by New Zealand gentailers as living costs increase.

350 Aotearoa campaigner Adam Currie, of Dunedin, said gentailers, including Genesis Energy, were benefitting from a broken electricity market and making billions of dollars of profits by continuing to use fossil fuels and keeping households’ power prices high.

New Zealand’s four gentailers — Genesis, Mercury, Meridian and Contact Energy — distributed $8.7 billion to shareholders since 2014, Mr Currie said, referring to power retailers who generated electricity.

A report from First Union, the New Zealand Council of Trade Unions and 350 Aotearoa, released in November, argued gentailers made windfall profits from underinvesting in renewable energy sources and keeping prices high.

"The four gentailers are like a cartel — spilling energy to keep power prices high and generally doing everything they can to continue generating billions of dollars for their shareholders," Mr Currie said.

Their excess profits should be taxed and reinvested in renewable energy, he said.

To draw attention to their profits, lack of renewable energy investment and the high cost of electricity, protesters delivered large "climate bills" to gentailer offices in Dunedin, Wellington and Auckland.

Genesis Energy general manager of communications and media Chris Mirams said it was dedicated to the country’s international climate change commitments.

A member of its executive team had met protesters in Auckland to discuss their concerns and outline Genesis’ plans for reducing emissions.

Plans included replacing thermal fuel for generation with renewable sources such as wind, building up to 500MW of solar generation capacity and exploring biomass as an alternative fuel for coal at Huntly Power Station, Mr Mirams said.

oscar.francis@odt.co.nz

 

Advertisement