The Labour-Green ‘plan’ to nationalise the electricity industry is a deliberate attempt to sabotage the economy for their own political gain.

Financial analysts have been unanimous in their condemnation of the reckless announcement. Investors and KiwiSaver account holders will also lose as the value of their assets falls.  Investors in Contact Energy, Trust Power and Infratil saw their shares fall more than $300 million after the Labour-Green announcement.

Investment in new power generation would wither, and investment in the wider economy would suffer.  The National-led Government is focused on attracting investment in new business and jobs for New Zealanders. Labour and the Greens would do the exact opposite.

The last time we had central planning of the power industry, prices went up faster. Even Labour’s own 2006 Cabinet paper said such a plan would push costs up for consumers over time.