National's backwards priorities have been highlighted by its plan to use the proceeds from selling renewable electricity assets to bail out a failing coal company, Green Party energy spokesperson Gareth Hughes said today.
Treasury documents show that the National Government has allocated $100 million from the sale of public assets, principally renewable electricity company Mighty River Power and Meridian Energy, to bail out Solid Energy. The near-collapse of Solid Energy followed its expensive investments in coal mining, including highly polluting lignite, as part of the National Government's fossil fuels mining agenda.
"It's madness for National to sell off our renewable electricity generators to bail out a failing coal mining company," said Mr Hughes.
"National's clear preference for polluters ahead of smart, green businesses has never been so clear. Their economic agenda is heavily based on digging up more oil, coal, and gas. National strongly backed Solid Energy's multi-million dollar gamble on lignite. Bill English even turned the first sod at Solid Energy's Mataura lignite briquette plant.
"When Solid Energy's gamble went sour, National quietly decided to use $100 million of the proceeds from selling our renewable electricity companies to keep the coal company afloat.
"The Government shouldn't be throwing good money from renewable energy after bad investments in dirty coal.
"Kiwis don't want our assets sold - the huge public backing for the Keep Our Assets petition proves that.
"Instead of selling off our renewable electricity companies, we should back them to become world leaders and sell their expertise abroad," said Mr Hughes.
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