New Zealand to sell stake in 2nd power company as country eyes budget surplus

WELLINGTON, New Zealand – New Zealand will sell a minority stake in a second power company this year as part of a plan to balance its books.

The government on Thursday announced it would list state-owned Meridian Energy on the stock market by the end of the year.

Last week, the government raised 1.7 billion New Zealand dollars ($1.4 billion) by selling a 49 percent stake in Mighty River Power. The Meridian listing is likely to raise significantly more, although the government hasn't released estimates.

The announcement came as the government delivered its annual budget. Also in the budget were measures aimed at addressing the country's heated housing market.

The budget indicated that after several years of deficits, New Zealand is on track to return to a surplus in the year beginning July 2014.