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O'Farrell's new deal on electricity businesses (Read 2624 times)
bogarde73
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O'Farrell's new deal on electricity businesses
Apr 1st, 2011 at 10:08am
 
WHAT A BREATH OF FRESH AIR . . . . . . .


Barry O'Farrell to curb profit raids EXCLUSIVE Annabel Hepworth From: The Australian April 01, 2011
NSW Premier Barry O'Farrell has promised tough new measures to curb profit raids on the state's electricity businesses that are putting further pressure on skyrocketing power prices.
As secret new figures show that the Keneally Labor government made plans to strip up to $1.89 billion yearly from taxpayer-owned electricity networks, Mr O'Farrell has said he would impose new restrictions on the practice. He said the Coalition would require the boards of its electricity businesses to sign a declaration each year that the funds they hand over in dividends "will not place additional pressure on prices, service quality or future reliability".

Mr O'Farrell revealed that he would also amend the NSW Treasury's policy on government businesses to "require consideration of service quality or reliability impacts" when the amounts that the businesses must hand over to the government are set. The comments come amid warnings that the state's Treasury is stripping funds from the state-owned electricity companies to boost its budget bottom line. Nationwide, there are fears that cash raids on utilities are undermining spending on crucial infrastructure and maintenance and pushing up prices.

A confidential report on soaring electricity prices in NSW, obtained by The Australian, reveals the state has budgeted for a 133 per cent hike in the dividends, taxes and government guarantee fees that it takes from the energy networks, which carry electricity from power stations to consumers. This had contributed tocurrent increases in power bills and expected future price rises, the inquiry found.

http://www.theaustralian.com.au/national-affairs/barry-ofarrell-to-curb-profit-raids/story-fn59niix-1226031646742

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Dnarever
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Re: O'Farrell's new deal on electricity businesses
Reply #1 - Apr 1st, 2011 at 10:59am
 
I like a premier with a sence of humor: It is April fools day.
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bogarde73
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Re: O'Farrell's new deal on electricity businesses
Reply #2 - Apr 1st, 2011 at 11:04am
 
It's a shame you can't recognise what a good govt looks like. Your standards have obviously been set by the parade of idiots temporarily occupying the Treasury benches in Canberra.
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Dnarever
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Re: O'Farrell's new deal on electricity businesses
Reply #3 - Apr 1st, 2011 at 11:11am
 
bogarde73 wrote on Apr 1st, 2011 at 11:04am:
It's a shame you can't recognise what a good govt looks like. Your standards have obviously been set by the parade of idiots temporarily occupying the Treasury benches in Canberra.



You really believe that he can tell business what they are going to do with their rofits or what they will charge?

Its all BS.
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bogarde73
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Re: O'Farrell's new deal on electricity businesses
Reply #4 - Apr 1st, 2011 at 11:15am
 
They are govt-owned businesses, so I guess, YES HE CAN!
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vegitamite
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Re: O'Farrell's new deal on electricity businesses
Reply #5 - Apr 1st, 2011 at 11:48am
 
If Ofarrel is willing to loose $$ from electricity , how is he going to raise the budget funding for NSW, or have I missed that ?
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bogarde73
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Re: O'Farrell's new deal on electricity businesses
Reply #6 - Apr 1st, 2011 at 12:06pm
 
Perhaps there are other ways to raise money without driving the electricity generators and transmitters into a position where necessary maintenance & upgrade can't be carried out.
For instance, I'm sure they have already identified many areas where savings are possible by sto[pping wasteful expenditure of the Babor govt.
There usually is!
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Equitist
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Re: O'Farrell's new deal on electricity businesses
Reply #7 - Apr 1st, 2011 at 12:07pm
 



It should be interesting how the NSW Libs spin their decision not to renege on the power sale - despite their claims that the sale price was billions of dollars below value...
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nichy
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Re: O'Farrell's new deal on electricity businesses
Reply #8 - Apr 1st, 2011 at 1:12pm
 
Equitist wrote on Apr 1st, 2011 at 12:07pm:
It should be interesting how the NSW Libs spin their decision not to renege on the power sale - despite their claims that the sale price was billions of dollars below value...



TERENCE Cole, the man who headed the royal commissions into the construction industry and AWB, is being headhunted by Barry O'Farrell to lead the judicial inquiry into the disastrous NSW power selloff.

Liberal sources said yesterday they expect the commission to find that the Government will not be able to reverse the controversial sale, unless it were to buy the assets back.

The result will be that former treasurer Eric Roozendaal will have potentially cost the state close to $10-15 billion by selling off the generator trading rights and the retailers, rather than the electricity generators as a whole





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nichy
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Re: O'Farrell's new deal on electricity businesses
Reply #9 - Apr 1st, 2011 at 1:18pm
 
Midnight asset sale will yield only $3b for NSW Sean Nicholls and Brian Robins   SMH
December 16, 2010


 
NSW power sale at bargain priceThe sale of electricity assets could reap as little as $3 billion for NSW, with some saying the price should have been much higher.

THE sale of electricity assets could reap as little as $3 billion for infrastructure and services in NSW after the Treasurer, Eric Roozendaal, admitted billions of dollars would be used to build a coal mine and prop up the power generators whose electricity trading rights were sold.

In a desperate manoeuvre to ram through the sale shortly before midnight on Tuesday, Mr Roozendaal was forced to appoint members of his own sales team - Col Gellatly, Kim Yeadon and John Dermody - and a government bureaucrat, Jan McClelland, to the boards of Delta Electricity and Eraring Energy after eight directors dramatically resigned.

While Mr Gellatly, Mr Yeadon and Mr Dermody will not be paid as directors, Ms McClelland will receive $106,000 as chairwoman of Eraring.

Mr Roozendaal, who flew to New York to brief ratings agencies yesterday, announced the sale of electricity trading rights and the electricity retailers Integral Energy, Country Energy and Energy Australia for $5.3 billion. The sale of the trading rights of two remaining generators is being negotiated and is expected to be completed by February, delivering a further $3 billion, he said




It seems strange that several years previously the sale had been expected to reap $30 billion.
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bogarde73
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Re: O'Farrell's new deal on electricity businesses
Reply #10 - Apr 1st, 2011 at 2:27pm
 
nichy, it's important the people don't forget that, while Eric Roozendahl might have signed the papers, ultimately the man who cost the state $15 billion is RobboThug.
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