Submission
Which option do you prefer?
Further comment
I have worked at Delta for 16 years and had previously worked at NZ Electricity/Electrocorp for 10 years in my past. When I started with Delta, I found that it was being run like an old car that needed lots of work but got just enough attention, to keep it going. When Grady Cameron took over there was a quick paint job, lots new managers but the old car didn't get any more attention. During this time, it was shown to us that the company was paying large yearly dividends (20million) to DCHL(Council) but had to borrow halve of it to make up the difference. Putting the company in debt and still not investing in its infostructure witch then led to failing poles. The Council then deciding to split the company incurring further cost in the 10's of millions but still needing to find extra money to fix the assets that had been ignored. This is all cost that electricity users (ratepayers) ultimately end up paying and never have I seen a public utility company that has been privatized and sold help reduce costs for the customer, they are out to make profit and if they pay more for an asset, they will want a higher return. No one will pay high money for a clapped-out expensive Network if there isn't a profit to be made!
The Waipori Fund may seem like a lot of money but not compared to what the asset is now worth and the return it makes for their shareholders.
The way the submission paper has been written is so bias, lacking in information and emotive. There should have been an independent audit completed, showing the actual costs and benefits over time at the expected sale price. If this price isn't meet and if it has been agreed to only sell at that price or above no sale should happen. I feel like this is going to be a dollar auction and we are hoping for the best!
T. Cuthbertson
0212721334
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Submission id number: 1042508
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