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Trust Deplores Commission's Action - 9 August 2006 |
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“The Auckland Energy Consumer Trust has co-operated in Vector’s revenue rebalancing targets and deplores the Commerce Commission’s threats of price control,” Trust Chairman, Warren Kyd, said today.
“As 75.1 per cent shareholder in Vector, the Trust has a direct and immediate interest in safeguarding the health of the company.
“As a consequence, we have supported Vector’s rebalancing exercise and its efforts to find an administrative settlement because price control was not in Vector’s interests, the Trust’s interests or the interests of our almost 300,000 beneficiaries.
“The price differentials reflect legacy issues and are being addressed in a phased programme designed to cushion customers against price shocks. They do not reflect in any way Vector’s ownership structure or the Trust’s majority shareholding.
“We echo Vector’s sentiments and hope that the Commission takes the opportunity provided by the consultations required under Part 4A of the Commerce Act to reconsider its position and whether its action reflects the intentions of the Government’s Economic Policy Statement of earlier this week.
“The intention of that statement was to encourage investment. It is hard to imagine how the Commission’s actions today are in any way consistent with that objective,” Mr Kyd said.
Contact:
Warren Kyd
Chairman
0274 462 489
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