After claiming the sale of the State’s electricity assets would deliver at least $15 billion for critical infrastructure spending, the NSW Treasurer Michael Costa has now revealed the Government’s price has dropped to $10 billion, Shadow Minister for Energy Mike Baird said today.

“Whether it is due to market conditions, the impact of the National Emissions Trading Scheme, reduced competitive tension or the lukewarm response from key institutional investors, the power sale appears to be floundering,” Mr Baird said.

“In the Treasurer’s press release today he has confirmed what we all suspected and that is the grand expectations of proceeds are being whittled down as we get to the pointy end of the sale.

“We’ve moved from a position where the Treasurer was claiming we may well get in excess of $15 billion from the power sale, now we’re down to net proceeds of $10 billion.

“We’ve said all along we don’t support the sale of the State’s retailers and generators at any time or at any cost.

“That’s why we’ve insisted the Auditor-General review the Government’s plans before any assets are sold.

“The Auditor-General’s report will provide us with an understanding of the impact of key variables in the proposed sale, so we can determine amongst other concerns whether now is the best time to sell these assets.

“The Labor Government’s mismanagement of this process has already cost the State billions."

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