Submission
Which option do you prefer?
Option Two – The alternative option – Keep Aurora Energy
Further comment
I disagree with selling for many reasons. Not least:
1. The goal is to improve the current balance sheet. Short-termism ignores that unless the financial mismanagement by Council, DCHL and Aurora is corrected the same issues will occur again.
2. Selling is based on advice from those responsible for the mismanagement.
3. The continual references to approximate debt of $576 mil intend to shock. It is not disclosed the amount is uncertain and is presented in isolation from all relevant factors such as asset value, income, ability to repay, etc.
4. The claimed benefits of selling are all short-term or speculative.
5. The many pages of documents contain little actual information: Unsubstantiated propaganda supporting the preferred position is not information. Most strongly illustrated by the 12 March 2024 report to Council from which every financial amount, all financial projections *and* all legal advice have been redacted.
6. Critical factors, such as price and conditions for expending the income from the sale, are to be decided in the future *and* confidentially. Having no plan for price or managing sale proceeds before deciding whether to sell is unsound financial management.
7. The much-repeated statement the Commerce Commission will protect consumers confirms a profound ignorance of the Commission's role as well as the meaning of profit in the term for-profit private enterprise.
8. Aurora is finally recovering from the appalling mismanagement that led to fines for legal breaches and is even returning a small profit.
9. The full extent of government changes affecting local government are still unknown.
10. No reasonable person makes decisions without full information. There is no sound reason for not obtaining it, or withholding what does exist. Doing both raises the obvious question of why this critical information has not been provided.
Supporting information
No associated documents with this submission.
Submitter
Submission id number: 1045674
Submitter name:
Karen Anderson
Organisation