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Thread: Power shares

  1. #321
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    Quote Originally Posted by Balance View Post
    https://www.scoop.co.nz/stories/HL19...er-closure.htm

    Treasury was very relaxed about the economic impact of closure.
    I'm personally not sure how anyone could be "relaxed" about thousands (I estimate indirect and direct impacts of about 4,000 jobs) gradually being lost over a few years seemingly with nothing down south to replace such a hit... The company tried to work with government several months back to put together a "business plan" and the Government were seemingly fairly unwilling to engage or even look into anything, so I doubt this incompetent bunch running the country will do anything now - can hardly say Rio didn't warn them! I also think this is alot deeper than just power prices. This thing has been around 50 years, and will be gone within 2... alot of high paying jobs have been created through it, alot more than immediate numbers (2,600) may suggest (almost too hard to come up with anything but an estimate). Jacinda said this is a "jobs jobs jobs" budget, but intention isn't reality... I look forward to the regional development minister commenting on this... there really is no positive way to spin this. Lets hope consumers get lower power prices, but I doubt this will actually happen.
    Last edited by trader_jackson; 09-07-2020 at 08:36 AM.

  2. #322
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    The govt isn't responsible for every closure. Maybe the original subsidy shouldn't have been given, we are a market economy after all.

  3. #323
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    Quote Originally Posted by RTM View Post
    If Rio Tinto can't make a dollar then what hope the NZ Government ? Wonder what the clean up costs will be ?
    While I feel sorry for Southland and all the people affected, gotta give Labour points for not chasing the power price down, especially in an election year. Datacenters....I believe they use a lot of power...wonder if they might be viable in the South ? Or should we take this closure as long term gift to NZ as an additional supply of renewable energy ?
    Definitely a long term gift for NZ and from that point of view I am pleased to see the smelter go. The job losses for Southlanders is a very serious concern. Industry and government needs to step up to the plate.

  4. #324
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    This is simply another synical power play (literally) by Rio Tinto. They wont be going anywhere. Rio Tinto will get their cheaper power price because Meridian will lose more money if Rio Tinto walks away. Government will chip in some "assistance" under the guise of the coronavirus, and Transpower will bring their new transmission pricing mechanism forward. At each of these steps, the NZ consumer / tax payer / gentailer shareholder will be nett losers. And Rio Tinto will repeat the same process next time the country is in a less than perfect economic and/or political position. Rio Tinto are a true parasite on our economy

  5. #325
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    Quote Originally Posted by xafalcon View Post
    This is simply another synical power play (literally) by Rio Tinto. They wont be going anywhere. Rio Tinto will get their cheaper power price because Meridian will lose more money if Rio Tinto walks away. Government will chip in some "assistance" under the guise of the coronavirus, and Transpower will bring their new transmission pricing mechanism forward. At each of these steps, the NZ consumer / tax payer / gentailer shareholder will be nett losers. And Rio Tinto will repeat the same process next time the country is in a less than perfect economic and/or political position. Rio Tinto are a true parasite on our economy
    They are leaving... there is no 'power play' this time... I am quite sure of it.
    Bit like how many in NZ use to complain that we had too many tourists... now we have very few (if any) and suddenly many are hurting.
    One may not realize what one has lost, until they have lost it.

  6. #326
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    Quote Originally Posted by trader_jackson View Post
    They are leaving... there is no 'power play' this time... I am quite sure of it.
    Bit like how many in NZ use to complain that we had too many tourists... now we have very few (if any) and suddenly many are hurting.
    One may not realize what one has lost, until they have lost it.
    I certainly hope you are right, because they are a true parasite on NZ inc. But in my long experience "leopards don't change their spots". Rio Tinto have used bully-boy brinkmanship tactics worldwide for many years. I just can't see that changing

  7. #327
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    Worth reading the Contact annoucement.

    https://www.nzx.com/announcements/356004

  8. #328
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    Rio have smelt the covid honey pot and I have no doubt the hapless tax payer will be sodomized once again to prop up this parasitic global bully boy

  9. #329
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    Quote Originally Posted by SPC View Post
    Rio have smelt the covid honey pot and I have no doubt the hapless tax payer will be sodomized once again to prop up this parasitic global bully boy
    Ouch.....I'm feeling the pain !
    Hope you are wrong.

  10. #330
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    Quote Originally Posted by RTM View Post
    Ouch.....I'm feeling the pain !
    Hope you are wrong.
    MEL $ 4.31 down 18 %

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