Breaking News

Timaru ratepayers want to keep Alpine Energy stake

Timaru ratepayers want the district council to abandon plans to sell its stake in Alpine Energy. The district council's commercial arm wants to sell its 47.5 percent stake for $110 million. Most of the 600 submissions made to the council oppose the plan. One submitter, National MP Andrew Falloon, said it was clear the public did not want the council to sell its stake in the power company. He said the council had not said where the money from a potential sale would be invested. "They're saying that a 4 percent return isn't particularly high and that they could get additional revenue elsewhere but the problem is I come back to - is they haven't said what those investments will be," said Mr Falloon. Timaru mayor Damon Odey won't say whether the strong public opposition meant the proposal was dead in the water. But he said it had been worthwhile to get the public's views. "The question needed to be asked and possibly it's a once in a generation question to be asked and it's been asked and the feeling is pretty clear." A hearing is scheduled for Tuesday, and the council will make a final decision on Wednesday. https://www.geezgo.com/sps/49735 Join Geezgo for free. Use Geezgo's end-to-end encrypted Chat with your Closenets (friends, relatives, colleague etc) in personalized ways.>>

No comments