The Finance Minister says there's no mandate to reduce the state's shareholding in Genesis Energy.
The Crown's directing $200 million towards new shares to retain a 51% shareholding in the company, following a $400 million capital raise.
Nicola Willis told Mike Hosking if we don't take part in this raise, we'd be breaching the law requiring the state to maintain majority ownership – something the coalition's committed to.
She says we don't want to be a barrier to these energy companies growing in the way New Zealanders need to secure electricity supply.
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The Mike Hosking Breakfast