Seemorerocks: 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.



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