Wednesday 16 May 2012

Country for sale: Asset sales


Asset Stripping Allowed Under SOE Sell Off - The Full List of What Can Be Completely Sold Off

The Green Party today released a comprehensive list of all the current subsidiaries owned by Genesis, Meridian, Solid Energy, and Mighty River Power that could easily be sold into 100 percent private ownership under National's plans for partial privatisation.

The list details 93 individual subsidiaries of the state-owned energy companies, many holding significant energy generating assets. Have a look at the amount if interesting things that Meridian is doing offshore, and some of the amazing things that Mighty River is doing .

What a brilliant platform for a NZ launch into renewable energy offshore .

They've made a brilliant start . Why don't we continue that ?

"Large parts of Genesis, Meridian, Solid Energy, and Mighty River Power can be sold off into 100 percent private ownership under the National Government's plans for partial privatisation," said Green Party Co-leader Dr Russel Norman.

"The lack of protection over the full sale of SOE subsidiaries is an invitation for the SOEs to asset strip.

"John Key has repeatedly reassured New Zealanders that only 49 percent of the SOEs will be sold. But there's nothing in their Bill to stop the partially privatised companies selling their subsidiaries.

"So, while the SOEs might 'only' be 49 percent sold, the real assets, the power plants, could be fully sold off."

The Chairman of Solid Energy, John Palmer, earlier publicly confirmed that the proposed legislation would allow him to sell the coal miner's subsidiaries after partial privatisation.

"There would be enormous pressure from some private investors to generate quick returns by selling these subsidiaries. The directors of the privatised SOEs would be legally obliged to act in the best interests of the company and the best interests of the minority shareholders, even if the Crown retains majority ownership," said Dr Norman.

"Some private investors could make the case that the best interest would be met by selling the assets as John Palmer has already floated.

"This is an invitation to the kind of asset stripping we saw from privatised state-owned enterprises in the 1980s and 1990s."

The Green Party's alternative plan for New Zealand's publicly-owned energy companies is to keep them in public ownership and refocus their predominantly domestic operations towards booming renewable energy export markets abroad. Securing a one percent stake in this global market would create a $6-8 billion export industry here at home.

"We can create tens of thousands of new, clean technology jobs in New Zealand if we're smart about how we manage our state assets," Dr Norman said.

We thought the list was impressive and well worth repeating so here it is :


List of subsidiary companies currently owned by Meridian Energy, Solid Energy, Mighty River Power, and Genesis, as of June 30, 2011
. Prepared by the Parliamentary Library.






meridian Subsidiaries


Damwatch Services Limited
100

Energy for Industry Limited
100

Three River Holdings (No.1) Limited
100

Meridian Limited
100

Meridian Energy Captive Insurance Limited
100

Meridian Energy International Limited
100

Meridian (Whisper Tech) Limited
100

Meridian (Whisper Tech No.2) Limited
100

Powershop New Zealand Limited
100

Right House Limited (subsequently sold)
100

MEL Solar Holdings Limited
100

Whisper Tech Limited
23

Three River Holdings (No.2) Limited
100

WhisperGen Limited
100

Whisper Tech Limited
70

Damwatch Pty Limited
100

Meridian Wind Macarthur Holdings Pty Limited
100

Meridian Wind Macarthur Pty Limited
100

Meridian Australia Holdings Pty Limited
100

Meridian Wind Australia Holdings Pty Limited
100

Meridian Wind Australia Pty Limited
100

Meridian Wind Monaro Range Holdings Pty Limited
100

Meridian Wind Monaro Range Pty Limited
100

Mt Mercer Wind Farm Pty Limited
100

Meridian Energy Australia Pty Limited
100

MEL Meridian Australia Partnership
100

Meridian Finco Pty Limited
100

Mt Millar Wind Farm Limited
100

WhisperGen (UK) Limited
100

Meridian Energy USA Incorporated
100

CalRENEW-1 LLC
100

Jacob Canal Solar Farm LLC
100

Laurel West Solar Farm LLC
100

Laurel East Solar Farm LLC
100

Hatteson Solar Farm LLC
100

San Luis Valley Solar Farm LLC
100

Solid Energy Subsidiaries


CoalCorp Insurance Services Limited
100
Terrace Coal Mine Limited
100
Solid Energy Renewable Fuels Limited
100
Biodiesel New Zealand Limited
100
Coal Bed Methane Limited
100
Waikato Mining and Contracting Limited
100
Spring Creek Mine Holdings Limited
100
Coal New Zealand Limited
100
Coal New Zealand International Limited
100
Solid Energy Land Holdings Limited
100
Natures Flame Italia SRL
100
Stockton Alliance Limited
50
Spring Creek Mining Company

51
Mighty River Power Subsidiaries


Mighty River Power Geothermal Limited
100
Mighty River Power Gas Investments Limited
100
Mercury Energy Limited
100
ECNZ International Limited
100
Bosco Connect Limited
100
Rotokawa Geothermal Limited
100
Rotokawa Generation Limited
100
Kawerau Geothermal Limited
100
Ngatamariki Geothermal Limited
100
Mighty Geothermal Power Limited
100
Mighty Geothermal Power International Limited
100
Special General Partner Limited
100
PT ECNZ Services Indonesia
100
Mighty River Power (US) LLC
100
Mighty River Power (UK) Limited
100
GeoGlobal Partners 1 Limited Partnership
100
GeoGlobal U.S. Holdings LLC
100
GeoGlobal U.S. EnergySource LLC
100
GeoGlobal U.S. Gabbs LLC
100
GGE NRI-Peru Holdings Limited
100
GGE FinCo-Peru Limited
100
GGE Holdings-Peru Limited
100
GGE Peru Holding LLC
100
GGE Peru S.R.L.
100
GGE NRI-Chile Holdings Limited
100
GGE FinCo-Chile Limited
100
GGE Holdings-Chile Limited
100
GGE Chile Holding LLC
100
GGE Chile Holdings II SpA
100
GGE Chile SpA
100
GGE NRI-Germany Holdings Limited
100
GGE FinCo-Germany Limited
100
GGE Holdings-Germany Limited
100
Erdwarme Bayern Management GmbH
100
Erdwarme Bayern GmbH & Co. KG
100
Erdwarme Bayern Asset Management GmbH & Co. KG
100
Erdwarme Oberland GmbH                                             
100
Genesis Power Subsidiaries



Genesis Power Investments Limited
100
Energy Online Limited
100
Kinleith Cogeneration Limited
100
Kupe Holdings Limited
100
GP No. 1 Limited
100
GP No. 2 Limited
100
GP No. 5 Limited
100
 
 † Updated. Data taken from SOE Annual reports found here:
 
Meridian Energy:
SolidEnergy
 
 Mighty River Power:
 
Genesis:

No comments:

Post a Comment

Note: only a member of this blog may post a comment.