Privatization Sell Off of NSW Power Stations OKd to Go, Targets $3B in Sales
By Esther Tanquintic-Misa | November 15, 2012 7:33 PM EST
The privatisation sell off of the power stations in New South Wales have been approved to go, with the state government expecting the scheme would generate $3 billion enough to finance transport, school and hospital projects across the state.
The privatisation, Treasurer Mike Baird said, will be good for NSW.
"Up to three billion dollars comes for infrastructure that we can invest with," he said in a statement. "It also helps to pay back debt."
Mr Baird added the sale procedure would begin immediately and is expected to be completed in 2013 and 2014. The generators, however, would be sold in separate packages for the entire two-year duration.
"These assets are high quality, strategic assets which will attract interest from both domestic and global energy market participants," Mr. Baird said. "Selling them in sequential packages is designed to maximise value for taxpayers."
"We desperately need to get on with the infrastructure, we hope that this transaction delivers that," Mr Baird said, noting the sale will help the state save on future electricity generation costs.
Interested buyers of the remaining state-owned power generators include TRUenergy, the local unit of Hong Kong's CLP Holdings Ltd.'s, as well as Australia's Origin Energy Ltd.
The privatisation, which started in late 2010, saw the sale of the state's electricity retail and generation assets for A$5.3 billion.
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