Unions call for a power company windfall tax

Unions say profit and dividend levels justify a windfall tax. (Image: Getty)

Mon, 14 Nov 2022

Unions are the latest to question the profits made by the major electricity companies and call on the government to impose extra taxes.A new report co-authored by First Union, NZCTU and 350 Aotearoa argues that since the partial privatisation of electricity companies, the four big generator-retailers (gentailers) have delivered billions in excess dividends to shareholders. The calculation is based on adding together the net profit after tax (NPAT) for Contact, Meridian, Genesis and Mercury. The report then compares this to dividends paid o...

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