NZ First resists power grab for vector

New Zealand First will resist any attempt to nationalise the Auckland Energy Consumer Trust (AECT), the majority owner of Vector, unless it has the full backing of households, flats and businesses in Auckland, Manukau and northern parts of Papakura.

'The Prime Minister, Minister of Energy and Mayor Len Brown all need to rule out what amounts to the nationalisation of their Trust,” says New Zealand First Leader Rt Hon Winston Peters.

'Be under no illusion that there is a pile of acrid self-interest eyeing $2.1 billion worth of Vector shares held by the Auckland Energy Consumer Trust.

'Right-wing lobbyists see this as being a juicy privatisation that'll help the Left-leaning Auckland Council close the funding gap on billions worth of projects.

'Christchurch, meanwhile, is already being forced into selling off ratepayers'silver similar to the assets the AECT holds in Vector.

'This is why the government and Auckland's Mayor need to assure the householders and businesspeople in Auckland, Manukau and Papakura that nationalisation of the Auckland Energy Consumer Trust is not planned by them.

'If they don't, then this is nothing but an outrageous and anti-democratic power grab that'll steal annual dividends off almost 350,000 mum and dad Trust beneficiaries.

'People in Auckland, Manukau and Papakura shouldn't stand for this,” says Mr Peters.

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