When a strategic asset is not a strategic asset
Govt won't pull plug on capital's power sale
The Government is unlikely to halt the sale of the capital city's electricity network to a Hong Kong investor, despite political pressure for it to emulate its controversial veto of the Auckland International Airport deal. Vector yesterday revealed it had agreed to sell its Wellington electricity network to Cheung Kong Infrastructure Holdings for $785 million. The network distributes Wellington's power and therefore supplies many of the buildings that the Government itself operates in. But it appears the Beehive does not view the network's strategic importance in the same light as it viewed Auckland Airport - which it stepped in to protect when a Canadian pension fund looked set to snare a 40 per cent stake last month.
When Labour moved against the awfully polite Canadians and stopped them from buying Auckland Airport, Labour proclaimed that this was the real difference between Labour and National and it went down with an electorate that hates seeing any asset being sold off, however the lengths with which Helen and Michael are trying to claim the electricity network of our capital city is in someway NOT a strategic asset is a mental leap only the heavily medicated could perform – it gets worse, it’s a Chinese company (and we are all still feeling a little concerned from our friends rallying in Aotea Square and their brutal crack down in Tibet) that will buy the electricity network of our capital city that powers all Government Departments – if Labour allow this to go through their credibility with the electorate will be sunk, NZers will like it a lot less that the Chinese have Wellingtons power supply by the balls than they would over those awfully polite Canadians owning the airport.