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NSW sells off energy generators energy generators

Generator sell off to grab billions 16000646 800490565 0 0 14031824 300

The New South Wales government yesterday (November 15) announced that it will proceed with the sale of the state's electricity generators.

It will also either sell or lease out the Cobbora coal mine in a bid to fund statewide infrastructure projects.

State treasurer Mike Baird said the $3 billion that will likely be garnered from the sale is earmarked for construction across the state, including hospitals, schools and transport initiatives.

He added that the Coalition is dedicated to reducing the debt which was accrued under the previous government and is determined to retain its AAA credit rating.

"The sale of the state's electricity generators will release up to $3 billion dollars for investment in priority infrastructure projects across NSW, while also saving the state billions of dollars in avoided costs to meet future generation capacity needs," Mr Baird said.

Opposition leader John Robertson told the ABC that all this government will be doing is trading billions of dollars for the state in exchange for rising electricity prices for the public.

"The O'Farrell government was elected saying they promised something different," he said.

"The premier promised he wouldn't sell off electricity assets, 18 months in there's now a mad rush to sell off as much as they can."

Posted by Charlie Moore