Queen Kristina and her court held a fire sale in the middle of the night and yesterday we woke to find that vital NSW state infrastructure had gone for a peppercorn.
From Nine MSN Money:
"Origin Energy Ltd and Hong Kong-owned TRUenergy have emerged as the winning bidders in the NSW government's $5.3 billion power sell-off......
Origin says it paid a "fair price" for its $3.25 billion share of the state's electricity assets......
More scorn was heaped on the privatisation on Wednesday after directors of state-owned electricity generators quit in protest at the sale.
Investors clearly favoured Origin Energy as the overall winner, with shares rising 30cents, or 1.79 per cent, to $17.10......
Under the deal, signed at midnight on Tuesday, Origin will spend $2.3 billion to acquire the retail arms of Integral Energy and Country Energy.
Origin will pay a further $950 million to secure the output from Eraring Energy, which operates a coal-fired power station near Newcastle, and the Shoalhaven hydro-electric power scheme south of Sydney.
TRUenergy is spending $2.035 billion to pick up EnergyAustralia's retail business, electricity trading rights from Delta Electricity and three power station development sites.
Several Delta and Eraring board members quit in protest overnight, forcing NSW Treasurer Eric Roozendaal to hastily replace them so the transaction could proceed.
One departing director, Tony Maher, from the Eraring board, told ABC Radio the $5.3 billion sale was a "dud deal" and a "mad dash for cash"...."