3. Mixed-ownership Companies—PerformanceCHRIS BISHOP (National) to the Minister of FinanceMixed-ownership Companies—PerformanceMr SPEAKER: Question No. 3—Chris Bishop.CHRIS BISHOP (National): Oh thank you very much Mr Speaker. Sorry I was just enraptured by the climate change question.Mr SPEAKER: Order! We will just have the question. 3. CHRIS BISHOP (National) to the Minister of Finance: How are the mixed-ownership companies performing under their new ownership structures?Hon STEVEN JOYCE (Minister of Finance): The mixed-ownership companies are performing very well. The aggregate dividends from the electricity companies to the Crown have increased by 39 percent since listing. They have not dropped by 49 percent as you might expect due to the Crown listing 49 percent of the shares. For example the Crown is now receiving more than twice as much in dividends from Genesis Energy than it did pre-listing even though we own only 51 percent of the company. While it is impossible to work out exactly how much the mixed-ownership structure has impacted on these dividends it is clear that the greater commercial discipline as a result of being listed companies is working to the benefit of taxpayers as well as to mum and dad investors.Chris Bishop: How has the value of these mixed-ownership companies changed during this time?Hon STEVEN JOYCE: The value of the mixed-ownership electricity companies has increased by around 4 percent since June 2012. In addition Air New Zealand's market capitalisation has increased significantly over time to over $2.5 billion today. During this period that company too has paid growing dividends on the back of improving performance. So the value of these mixed-ownership companies has increased the amount of dividends paid has increased and that has given the Government additional choices to address specific priorities with the dividends that we have received.Chris Bishop: How have retail electricity prices tracked given the greater commercial pressures on the gentailers"?Hon STEVEN JOYCE: This is very interesting actually because a lot of people assume that that means prices must have gone up but actually prices have been remarkably flat at this moment. According to the quarterly survey of domestic electricity prices the retail price per kilowatt hour has increased by less than 1c over the last 3 years and by only 25 percent over the last 8 years. That compares with prices hiking 65 percent under the previous Government. New Zealand families are better off due to stable electricity prices as well as receiving those improved dividends through the Government's direct investments.Chris Bishop: How has electricity supply and demand responded to New Zealand's strongly growing economy?Chris Hipkins: Speaking of patsies that achieve nothing.Hon STEVEN JOYCE: I would listen carefully if I were you Mr Hipkins—you are learning something. New Zealand's economy has experienced 15 quarters of consecutive growth and is one of the fastest growing economies in the OECD. Despite this New Zealand is actually consuming less electricity than it was 10 years ago. This is a testament to the innovation of New Zealanders and a focus on greater energy efficiency. In addition the share of renewables is also climbing. In 2006 two-thirds of our power was renewable electricity; last year that was 85 percent. It has to be said that this progress would be put at risk if policy decision makers were to change direction and introduce policies to disregard the market as was advocated in the last election."