The Government has revealed average shareholder return on the four energy companies it is selling was 18.5% a year over the past five years.
But State-owned Enterprises Minister Tony Ryall says not too much emphasis should be put on this figure.
Mr Ryall says once factors such as one off sales, revaluations and accounting changes are taken into account, the return is just 4.1%.
Green Party co-leader Russel Norman says those figures do not include investment by the SOEs in plant and equipment so future dividends are likely to be even higher.
