Local ownership vital, says Kina Country Energy

Ruapehu Bulletin, Volume 10, Issue 449, 18 August 1992, Page 5

Local ownership vital, says Kina Country Energy

King Country Energy believes local power ownership is a must and is pushing . hard for local electricity ownership to continue in this area. That was part of a statement released by KCE last week, in the wake of the public concern at the Waikato power company's plans to sell shares to an overseas company. "King Country

Energy is not looking for foreign partners, or to give shares away, shares which could fall into the hands of private companies or a dominant shareholder," said general manager Peter Till. A King Country Energy working party has been formed from the board's directors and interim trustees to determine the structure the board will adopt under the new Energy Companies Act and to

prepare an establishment plan for the new company that will be formed. Working party members are Ken Street, Bill Peach and Gordon Gower (KCE directors), Ian Strachan, Terry Podmore and June Baker (trustees). The option they are considering is forming a trust to own shares in King Country Energy Ltd. The company would be able to sell shares to other people

when it required equity capital. For example, the Karioi Hydro Scheme would call for a large amount of share capital to be raised. Planning is well advanced, but it will be a month before the final documents are available for public inspection. Public consultation will then follow and full hearings will be conducted in Taumarunui, Turangi and Ohakune, said Mr Till. The establishment

plan is required to be in the hands of the Minister of Energy by 31 December 1992. The board is interested to hear from any citizen or groups with concerns about issues. "Speakers from King Country Energy have addressed Lions and Rotary Clubs, Federated Farmers, School Groups etc and would be very happy to provide this service to any other interested groups," said Mr Till.