Independent studies
show that the Tiwai Point Aluminium smelter is one of New Zealand’s most
successful developments. The first (1971) study estimated a 10% real annual
return to NZ in terms of net national economic benefit over the smelter’s life;
and subsequent studies estimated increasingly higher returns. The studies all
included the full economic cost of the electricity used.
On the other hand
Comalco and its two Japanese partners were the victims of unprincipled
government actions, entirely outside the letter and intent of their agreements,
to impose extraordinary increases in the smelter’s electricity prices.
