NSW Electricity - Christ on A Bike!

Christ on a bike! Now The NSW Upper House inquiry into the Keneally Government fire sale of electricity assets has been told that taxpayers will probably come out of the deal with next to nothing!

Now the Keneally-Roozendaal "gen-trader" model in which retailers and generation trading rights have been sold might yield just $2-3 billion.

The Government's sales team admitted yesterday that billions could be ripped from the proceeds because of a web of contract deals.

The Government will spend $1.3 billion building the Cobbora coal mine from the proceeds, which it promised to private sector bidders to supply power stations. It will subsidise the price of coal coming from that mine to the tune of up to $1 billion.

But it also risked losing hundreds of millions out of the $1.3 billion it has been paid by Origin Energy and Tru Energy for the rights to trade power generation.

Former Labor minister Kim Yeadon told the parliamentary power inquiry that, under the bizarre "gen-trader" deal, should power stations fail, some of that money will have to be handed back.

The hundreds of millions it cost to put together the sale will also be deducted.

A senior Government source confirmed there may be "not much money" available to pay for roads and rail.

Seeing Red & Voting Green
Yamba

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