O’Farrell beware: Costa’s power sell-off plan no more than intention

Dr Kaye said: “The NSW Opposition should take careful note of the Treasurer’s words.

“The Treasurer has given no undertakings that he will actually implement the plan being sent to the Auditor-General if the Opposition gives him sell-off powers by voting for the bill when parliament reconvenes in September.

“Mr Costa is only ‘considering’ a public share offering for Integral and Eraring. Nothing is locked in.

“He acknowledges that the timing and sequencing could change subject to advice from ‘expert financial advisors and … prevailing market conditions.’

“If the sell-off bill passes through parliament, the Treasurer alone would determine what gets sold, how it is sold, to whom and when.

“The Coalition should know that they would be writing him a blank cheque.

“Even the strategy outlined by the Treasurer is all about selling the easiest bit first.

“Energy Australia with its 44.2% of NSW’s retail market is the most desirable asset.

“After Energy Australia, the other assets are increasingly problematic sale items with a chaotic money market and risks that emissions trading could decimate the market value of the generators.

“The Opposition should not sign over the future of the people of NSW to the whim of the Treasurer,” Dr Kaye said.

For more information:    John Kaye 0407 195 455