Poor Deals Leaves New South Wales High And Dry

Poor Deals Leaves New South Wales High And Dry

New South Wales Shadow Treasurer Mike Baird

New South Wales Shadow Minister for Energy Duncan Gay

Labor’s Power Sale Will Scorch State’s Economy

Victor P Taffa

The Keneally Labor Government must immediately abandon its ill-conceived plans to sell the state’s electricity assets at any cost, Shadow Treasurer Mike Baird and Shadow Minister for Primary Industries & Energy Duncan Gay said today.

“Each day reveals another reason why the Keneally Labor Government’s power sale is not in the state’s interest.” Mr. Baird said.

 

 

“The Premier and Treasurer must explain why they are pursuing a transaction that will increase risks for the state, reduce competition, make the market less efficient and lead to significant upward pressure on power prices.” Mr. Baird said.

“This week came the extraordinary announcement the Keneally Labor Government will go back to mining coal because the Treasurer failed to negotiate new coal contracts.”

“So now NSW will retain the risk of producing coal, which is one of the key risks that should have been reduced by the sale.” Mr. Baird said.

“By its nature this sale process should remove risks for the state, but because of the incompetence of the Treasurer, we have the opposite.”

“If this transaction proceeds and we win the election in March, we will expose every rotten detail so NSW households will know in full what the current Treasurer and Premier have tried to hide.” Mr. Baird said.

Mr. Gay said it is incredible that Eric Roozendaal has bungled the coal contracts to such an extent that NSW has now been forced to re-enter coal mining.

“The NSW Liberals & Nationals foreshadowed the need to address the coal contracts back in July 2008 and unfortunately for everyone in NSW the State Labor Government ignored our warnings.” Mr. Gay said.

“It is now clear the Keneally Labor Government has failed at every one of its reform objectives to promote the interests of consumers, to increase efficiency and competition, and reduce the costs of electricity.”

“We urge the Keneally Labor Government to abandon its fire sale of the state’s electricity assets, which will deliver nothing less than a legacy of problems for the people of NSW.” Mr. Gay said.

NSW Shadow Minister for Energy Duncan Gay

NSW Shadow Minister for Energy Duncan Gay