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Backlash over NSW gov't plans to sell energy assets

There has been vehement opposition to the New South Wales government's plan to sell off the state's electricity generators.

The ABC reports that the liberal government is optimistic about receiving $3 billion as a result of the transaction, with plans of reinvesting the funds in development projects.

Treasurer Mike Baird told the public broadcaster that this will be a benefit for.the state through injection of capital and will assist with paying back the debt.

Premier Barry O'Farrell said that taxpayers will get value for money and won't accept a deal for less than the $3 billion amount.

He commented: "We can also report is that as a result of our action to date, savings of more than $400 million have been made in the electricity sector and those savings have been put back into rebates for families and low income energy customers."

Opposition leader John Robertson told the public broadcaster that he was opposed to selling off assets when his party was in power and is still against it, saying the money for the state is not worth the rising electricity prices.

Mr Robertson said that the 2011 election was a referendum on Labor's plans to sell off the assets and the voters clearly did not want a sale to take place.

Posted by Charlie Moore