Costa threatens to quit as privatisation push fails
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Updated
Considering future: NSW Treasurer Michael Costa (AAP: Tracey Nearmy, file photo)
New South Wales Treasurer Michael Costa says he is thinking about quitting politics as his electricity privatisation plans head for certain defeat in State Parliament today.
NSW Opposition Leader Barry O'Farrell has confirmed the Coalition will vote against the sell-off plan today.
"Mr Iemma's proposed sale fails the public interest test," he said.
Before the debate got underway, Mr Costa told the ABC the defeat of the legislation would make him consider his future.
"If these things are not to be undertaken ... I'm not just talking about electricity but other reforms, certainly there's no role for me in the New South Wales Parliament," he said.
"I'll make that decision myself."
Despite opposing Labor's plans, Mr O'Farrell said the Coalition would like to privatise electricity in the future.
"We will set about detailing an energy plan for the people of New South Wales that they can decide on at the next election," he said.
Mr Costa said that plan would not be backed by the ALP.
"The State Government's policy will not be to support that. This is over as far as the Labor Party is concerned," he said.
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Comments (91)
Comments for this story are closed. No new comments can be added. If you would like to have your say on this issue, you can do so via the Emails section of our Opinion pages.
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DimPap:
28 Aug 2008 12:24:04pm
The sooner the better (he quits)
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a:
28 Aug 2008 12:24:38pm
good riddance
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zarathrusta:
28 Aug 2008 12:26:40pm
Electricity in public hands? Costa resigns? looks like a "win-win"
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Mark Plettner:
28 Aug 2008 1:49:04pm
We just need Tripodi, Sartor and Dil-Iemma to make similar promises!
That'll be a win-win-win-win-win for NSW!Agree (0) Alert moderator
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bloke:
28 Aug 2008 12:27:14pm
Hooray!
Now we just need Iemma to do the same.
Only problem is, don't like the look of anyone there to replace them (on either side).Agree (0) Alert moderator
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Trev:
28 Aug 2008 1:52:16pm
I think Quentin Dempster joked, on hearing that Iemma was to succeed Carr, that Iemma was "Italian for Unsworth". Not quite, as Iemma won the last election.
The ALP deserved to lose the last election, but the NSW Liberals didn't deserve to win, either. I feel sorry for the residents of NSW!Agree (0) Alert moderator
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Si:
28 Aug 2008 12:27:35pm
I doubt there will be many people saying "No, please Michael, stay".
Interesting that the Coalition is opposed. My concern was that this sort of selling of the family silver was right up their alley, and they'd be sure to vote for it. Are they doing their job or do they just not want to stuff the state coffers while they're in Opposition? The private energy corporations didn't offer enough cushy executive positions to Liberals maybe?
Well cynicism aside, good on them. It truly is against the public interest to sell the power companies.Agree (0) Alert moderator
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Hugh:
28 Aug 2008 12:51:18pm
It not that the Libs are opposed to the power selloff, they just want to be able to do it themselves so they can line up Mac Bank jobs when they retire - like the long line of Labour cronies who have already done so.
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Geoffrey_Chaucer:
28 Aug 2008 12:56:39pm
I suggest that the explanation for the Libs stand is simpler.
It seems as if Mr O'Farrell has read the public opinion correctly on this issue, and he wants to reinforce his already strong chances of winning the next election. One could safely say it's a foregone conclusion.
The attempt of the Iemma government to sell power assets will alone inflict on NSW Labor a severe defeat at the poll booth.Agree (0) Alert moderator
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Treadlightly:
28 Aug 2008 1:04:24pm
It amazes me that people realize that both major parties are full of self-serving crooks and choose to just accept this.
Vote for a minor party first, then your second preference gets counted when the minor party loses.
Eventually the minor parties might even get a leg up.Agree (0) Alert moderator
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mickfish:
28 Aug 2008 1:45:16pm
what like the shooters party / they would sell there grandmother for a handfull of silver coins just like they did in this instance and backed iemma and his mutt to get what they wanted p.s i am a shooter.
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Mark Plettner:
28 Aug 2008 1:55:01pm
True. If the no party gets 50% + 1 of the primary vote, the round of counting goes through for the next preference and adds on to the number of votes for that candidate. This conintues until one candidate has 50%+1 of the votes.
Despite popular befief, there are no "deals" for votes in the Legisaltive Assembly between parties (at least in the NSW system). I think Federally it's the same. The only deals that are done are on the how-to-vote pamphlets but you don't need to follow them.
So, next time, vote a minor party or candidate followed by the major parties.Agree (0) Alert moderator
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ColinP:
28 Aug 2008 1:14:26pm
No, please stay, Michael. Pleeeease. That way you and your mob of witless hacks will be front and centre when you are all gutted at the next election.
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trevva:
28 Aug 2008 12:29:31pm
Ooroo!!
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gary:
28 Aug 2008 12:29:51pm
If Mr Costa can categorically state that the ALP won't support a Liberal plan to privatise the electricity sector without seeing their plans then it is time he went. He's coming across as a sulking bully and the state would be better off with him not forming public policy.
We need a government (of whatever philosophy or persuasion) who will develop policies to encourage sustainable practices and industries.Agree (1) Alert moderator
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Brian:
28 Aug 2008 12:30:01pm
Getting rid of the privatisation and Costa in one blow! May I nominate Mr O'Farrell for an Order of Australia?
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Ben:
28 Aug 2008 12:31:29pm
Since when has the Liberal Party been against small governmant and privatisation? No doubt they will go to the next election with an almost identical policy and try to flog it off as their own original idea. In my opinion, if Liberals want any chance of getting elected anywhere and anytime soon, they should get off their dithering, populist horse and commit to a consistent set of policies.
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Flash30aus:
28 Aug 2008 1:56:26pm
Going to the next election with an eletricity privatisation plan would be an original idea. The Labor party certainly didn't.
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wmc:
28 Aug 2008 12:32:18pm
Good result. NSW will lose its Labor government and it's power assets will eventually be privatised. Both outcomes will reduce unionisation and the influence of the unions, which will be a welcome development.
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Chappy:
28 Aug 2008 12:33:27pm
Oh well.....if he quits politics he would surely be in the running to get a job as a stunt double for Dr. Evil in the new Austin Powers movie...lol...naughty chappy naughty....
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Hugh Jampton:
28 Aug 2008 12:33:31pm
Seems like Costa doesn't like democraccy in action. He'll be no great loss, let him go, sooner the better.
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Ford:
28 Aug 2008 12:33:52pm
Does he think the added bonus of his resignation will make people more or less likely to support the bill?
Silly man...everyone will be glad to see the back of him.Agree (0) Alert moderator
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DB:
28 Aug 2008 12:33:54pm
Stop threatening Costa, just go. Iemma, you should go as well.
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Name withheld:
28 Aug 2008 12:34:50pm
Next.......Frank Sartor? Reba? Joe Tripodi?
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RuAlright:
28 Aug 2008 12:36:40pm
Seeya later, bye bye, adios
Go flog your money making schemes elsewhere as im sure you will.Agree (0) Alert moderator
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John O:
28 Aug 2008 12:38:27pm
Good! This guy is a thug. He threatened to withhold funding to his own electorate if they stood up against him on this issue. the sooner he goes the better off NSW will be shame we have to wait so long to get rid of his Morris Dilemma and his cronies.
Unfortunately I live in a safe Labour electorate where they all vote the way their grandfathers did so I'll be stuck with a celebrity MP - funny how Labour uses them so much. Is it because the party lacks credibility? Mckew, Garrett etcAgree (0) Alert moderator
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rob1966:
28 Aug 2008 12:39:30pm
Does he need anyone to help clean out his office / pack his bags / wave goodbye?
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John:
28 Aug 2008 12:42:00pm
Don't forget to switch the light out on your way out!
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Queenslander:
28 Aug 2008 12:42:46pm
Good luck to the people of NSW. Glad I don't live there anymore.
The glaringly apparent reason for privatising electricity in that state is that unless the government does, the massive investment required to meet climate change obligations puts the state's credit rating under massive pressure - with a very real prospect of bankruptcy.
Well done Liberals. You support privatisation but only when you get to do it.
You have once again shown that you are prepared to discard the interests of the state and the country for very short term political advantage.Agree (0) Alert moderator
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Ken:
28 Aug 2008 12:43:13pm
The sooner the better that Costa goes, and lets hope Iemma too. And they both better pray they never need to go to hospital, use an ambulance or require the help of the police or fire brigade!! Ignore your support base and treat them with contempt and this is what you get, you bastards. I will NOT be voting Labour at the next state election.
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Jonno:
28 Aug 2008 12:44:52pm
Power to the people... Where it started and belongs...
Maybe someone can give Costa a push.
Im sure he has a plum job with Country Energy waiting for him.Agree (0) Alert moderator
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Patrick Darley-Jones:
28 Aug 2008 12:48:17pm
Bloody Great !!!
Now Michael go find yourself a new job, I'm sure the IPCC would be happy to have you, you can spend the rest of your life there telling them that climate change is nonsense.Agree (0) Alert moderator
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Martin:
28 Aug 2008 12:48:42pm
Get off the stinking ship whilst you can. Could you please take Iemma, Tripodi and Sartor etc with you as well?
We need fewer aggressive, power-hungry bullys in politics.Agree (1) Alert moderator
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Colin:
28 Aug 2008 12:49:39pm
Do us all a favour Michael - and the Labor party into the bargain. Do it quickly (please).
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Father Garcia :
28 Aug 2008 12:50:08pm
Don't go away mad Michael, just go away.
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Greg h:
28 Aug 2008 12:51:14pm
Since the plants will be out of date due to push for renewables and less Co2 emitting technologies, would'nt it be better for the state to sell its investments and maximise its potential.
The coalition should have some better explanation for its plans.Agree (0) Alert moderator
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Sandy:
28 Aug 2008 12:53:08pm
Boy you NSW people sure have problems with Mick and Morrie and 90% of the rest of the buggers in power. The problem is that if the Labour Party goes, you will have to face up to the dills in the Libs camp.
Now residing the the state of absolute excitement, Wait Awhile, I note that we now face the same dilemma on the 6th September..... vote for Mr. Gorgous (Carpenter) or vote for Mr Whatshisname Barnet Retiree - you know - the chair sniffers mate.
Think Ill go back to Malaysia - at least the political choice there is clear. Its either that or I vote informal on the 6th. I suspect NSW people face the same question.Agree (0) Alert moderator
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Curly:
28 Aug 2008 12:53:10pm
So one party won't back it if the the other is in Government and gets to spend the proceeds...
I wonder if either party understands that they DON'T OWN IT!
It's not there to be used as a political bank account.
State Public Assets belong to the People of NSW.
If ever it comes up again I think we should at least get an informed choice referendum so we can decide for ourselves.
Interesting how Big Business thought it was a good idea to sell it. There must be something good about owning the major Electricity supply...Agree (0) Alert moderator
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Queenlander:
28 Aug 2008 1:09:01pm
And it is the NSW people who will pay dearly for this folly.
Put simply, this decision signs the death warrant of government ownership of power assets in NSW. The people of NSW could have received money for those assets, now they will contibute billions more dollars to simply prop them up for a while.
Why?
The NSW government will now be forced to keep on pumping billions in to attempt to clean up these coal fired stations. The private sector will then be able to concentrate its efforts on renewable supply [where the profits will be over a very long while]. Renewables will grow as a percentage of total output. We all want that. Uranium will probably come into play. Not sure about that one, are we?
So eventually after sinking billions into useless technology and getting no return the government will eventually be out of the business anyway - having handed it to the private sector for no return.
It is really simple. Why don't people get it?Agree (0) Alert moderator
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Mark Plettner:
28 Aug 2008 1:18:55pm
But the retailers and generators are estimated to earn the government revenue of over $800 million each year as dividends.
Make no mistake, these power companied make money. The question is why hasn't the government built a new plant with those dividends after all these years?Agree (0) Alert moderator
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Queenslander:
28 Aug 2008 1:53:42pm
They may make that return .... now!
But in any investment decision you look at discounted future cash flows and those cash flows will be dismal.
Why haven't they built a new power station?
I guess there are heaps of potential reasons - the investment is not justified; concerns about the future viability of coal; lack of visionary capacity with regard to renewables; politcal inertia ....
Government can sometimes manage "business as usual" type operations but they are not well equipped to deal with a rapidly changing environment. And with climate change upon us, this is about the most rapidly moving market there is.Agree (0) Alert moderator
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Raymond:
28 Aug 2008 2:15:05pm
We would pay for it anyway....
The fact is, we will pay for it in taxes instead of higher electricity bills.
If the private sector has to invest large amounts of money to get these plants up to spec, guess how they pay for it...
By charging us more!!
At least if it's owned by the government then your 75 year old grandmother should still be able to turn her heater on in winter without getting a bank loan.Agree (1) Alert moderator
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Luc:
28 Aug 2008 12:53:30pm
Resigning would be the first positive thing Costa could do for NSW. Stop moaning like the ponce you are Costa, and put the people of NSW out of their misery. I'm sick of the sight of you. Your threats to backbenchers in your own party typify your dubious morals while your childish rant about not supporting a Liberal initiative to privatise the State's electricity in the future illustrate your complete lack of genuine conviction.
Do us all a favour. Resign. Or is this just another in your long line unkept promises?Agree (0) Alert moderator
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Steve:
28 Aug 2008 12:53:46pm
Yet another Labor government acting like a Liberal clone and wanting to privatise a public asset. And yet what do the Libs do? They oppose what is in their own philosophy, and will do when they eventually get back into power - how simplistic and juvenile is Australian politics: I will oppose because you are the opposition.
Privatisation can work, when it's contracting out work that defies economies of scale, when a job is so 'small' or infrequent that a government body would have resources waiting idle. As someone in local government, I see where privatisation has failed this sector - and therefore the public, and where it works.
But where has the public benefited from selling off major infrastructure, or contracting out to bodies whose main focus is share dividends and profits?
Despite rules being placed on the buyer, we then have to police them, and then battle semantics on those conditions.
To keep public faith in public works, they must stay in public hands.Agree (0) Alert moderator
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Mark Plettner:
28 Aug 2008 1:16:41pm
I totally agree. Especially with regard to placing rules and regulations on the privatisiation. The government becomes relaxed and doesn't investigate companies acting unethically. People might remember AWB - privatised by the Howard government and then slipping Saddam millions to a shonking trucking firm. Did anyone ever get given the arse for this?
Or how about Pacific National (PNL) (which used to be government-owned National Rail and FrieghtCorp)? The government privatised these but when it cam time to renew grain transport in NSW, PNL said it is not economical for us, we need the the NSW government to pitch in $40 million.
In this case, we flog off an asset under the pretence that the private sector can run the business better and without risk to taxpayers and then the taxpayer bails them out when they're in a jam.
The same will happen with power. The Government sells the power assets to a private company who then say to the government we need tax-breaks or we need assistance so we can conitnue generating power.Agree (0) Alert moderator
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malcolm:
28 Aug 2008 12:53:48pm
Dear Michael, Don't waste a minute thinking about. Quit Now.
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Mark Plettner:
28 Aug 2008 12:57:03pm
I hope that's a promise. Go Mr Costa. Get your parliamentary pension and just go.
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johno:
28 Aug 2008 1:04:13pm
Its the best thing you have ever proposed.
Go Costa go!Agree (0) Alert moderator
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Guss:
28 Aug 2008 12:57:47pm
Please, please, please do it.
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hudd:
28 Aug 2008 1:00:13pm
Don't threaten to quit. Just do it!
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andrew:
28 Aug 2008 1:00:31pm
IPA(Infrastructue Partnerships Australia), Business Council et al...you lost!
Costa, Iemma- Resign, please!Agree (0) Alert moderator
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Mark Plettner:
28 Aug 2008 1:07:24pm
LOL!
It must be a good thing for us in New South Wales if business lobby groups are dsiamyed by the failure of the privatistation. If they're upset, then it's a good thing.
Privatised power would have been one extra area where the coporations bleed us mugs dry for every cent.Agree (0) Alert moderator
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Queenlander:
28 Aug 2008 1:11:04pm
Wrong!
They won.
They now get the business without having to pay for it.
Poor deluded NSW.Agree (0) Alert moderator
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Yitzak:
28 Aug 2008 1:07:59pm
Good result, for costa to quit.
Arrogant members of parliaments should be forced to quit, in all parliaments across the country, and not allowed to contest future elections.
Now, what is needed, is for the whole NSW state government to quit, and, a binding referendum to be held at the same time as the election, with the question "should the electricity supply be privatised in NSW?".
And that referendum result should be binding on whatever state parliament is elected, until a future referendum results in a different result.
Simple.Agree (0) Alert moderator
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Will:
28 Aug 2008 1:09:41pm
Don't let the door hit you on the butt on the way out mate.
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Brenno:
28 Aug 2008 1:19:17pm
Please Mr Costa, just go....just do it, leave now while you are still behind.Agree (0) Alert moderator
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James:
28 Aug 2008 1:11:48pm
Costa resigning would be a wonderful thing and couldn't happen soon enough. The whole cabinet should follow suit.
re privatisation, it is worth considering the changes that power generators will be faced with when an ETS starts. There will be costs involved - the question is whether it is better that these assets are in private hands when the changes and costs of an ETS are imposed or the tax-payers. It may be that as private entities, they would be better positioned to change their practice and meet the costs associated with becoming more efficient. Which would ultimately mean less costs for the tax-payer and the consumer.Agree (0) Alert moderator
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SOZC:
28 Aug 2008 1:12:01pm
Hopefully, Watkins will challenge but BOF seems a fairly decent alternative.
I think everyone has had enough of the Italian Mafia running NSWAgree (1) Alert moderator
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davo:
28 Aug 2008 1:16:57pm
There are two reasons the Libs oppose the sell off of the power network.
1. They see a real chance of causing the current Labor leadership a humiliating and very public defeat. When it gets voted down wait for the howls from the opposition for Iemma et al to resign as lame ducks without the support of their party. It seems that they already have achieved part of their aim with Costa threatening to resign.
2. They can't stand the thought of the Labor party getting hold of the pot of gold generated by the sale. They don't want the Labor party spending the windfall gain. The sad thing is that if they get into power then suddenly the sale will be in the public interest and will be done and the Libs will have the ill gotten gains to spend themselves.Agree (0) Alert moderator
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Jeff Poole:
28 Aug 2008 1:17:22pm
Can I have that in writing please Mr Costa!
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Blossom:
28 Aug 2008 1:18:02pm
How soon? ... couldn't happen to a better candidate!
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P B White:
28 Aug 2008 1:20:35pm
Privatisation has been an absolute disaster for any public utility, and it's time that the governments of this country and the bodies politic woke up to the fact.
Proof? Read John Ralston Saul's 2005 book "The collapse of globalism and the reinvention of the world".
Does greed or public good rule the day? Let us hope it is the latter.Agree (0) Alert moderator
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Maximus:
28 Aug 2008 1:21:05pm
If that what it takes for NSW to be free of this moron then good.
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Merlin 23:
28 Aug 2008 1:21:41pm
Please let this be the trickle that leads to a flood.
Get rid of State governments now!Agree (0) Alert moderator
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ram:
28 Aug 2008 1:24:51pm
Best thing that could ever happen to the Labor party. Now if they could just dump Lemma and Sartor too!
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scf:
28 Aug 2008 1:26:39pm
Could he take Iemma with him? and the other thugs Delabosca, Neil, and Tripodi.
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rusty:
28 Aug 2008 1:27:47pm
Whacko! It's an offer we can't refuse, but just make sure you take Iemma and Sartor with you!
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al:
28 Aug 2008 1:28:15pm
Hope he does go. He is a rude, incompetent and unrepentant representative of the Democratic Socialist Party and ought to have been given a lifetime expulsion from the ALP years ago.
How he got this far says a lot at how far Labor has sunk in NSW when we on the left and environment movement have to thank the NSW Liberals for their support.
Community persons need to come forward and form a new coalition and take on the major parties to form an ethical governmentAgree (0) Alert moderator
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Loaky87:
28 Aug 2008 1:30:02pm
yay :D.
I love good news storiesAgree (0) Alert moderator
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Queenslander:
28 Aug 2008 1:35:49pm
Can I ask a question?
Why are you all so happy and gloating at an outcome that is an absolute disaster for NSW and the NSW power industry - the one you are claiming to defend?
Yes, politics is fun and we can all get excited about defeating someone we loathe.
But when the issue is so fundamental and so clear .... ????
It is mindbogglingly stupid.Agree (0) Alert moderator
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scf:
28 Aug 2008 1:53:59pm
What may I ask is so fundamental and clear about selling off public utilities and infrastructure? Yes they will need to mordernise and become 'green', but so will a private concern. The difference is we will be even worse off as they concentrate on profit instead of the service provided.
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Queenslander:
28 Aug 2008 2:06:16pm
What is so fundamental and clear is that the government will have to pump billions into cleaning up old coal fired stations putting severe strain on NSW finances and getting no return.
The private sector will then concentrate on renewables and make the money.
Over time as coal fired stations are taken off line the government will be out of power generation. It will all be privately owned and rather than getting money for its assets, NSW will run them into the ground while the private sector profits.
Simple enough?Agree (0) Alert moderator
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Queenslander:
28 Aug 2008 2:09:36pm
a further postscript ....
I wonder whether you will think it is such great service when NSW runs short of power - as one of the pther correspndents points out maybe as ealry as 2013?Agree (0) Alert moderator
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bloke:
28 Aug 2008 2:03:42pm
Why is it so bad?
We get to keep the revenue from the retail and generator arms and have a say in what happens with it.
You're right that the whole ETS issue is still unresolved, but this was never going to resolve that per se.Agree (0) Alert moderator
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Queenslander:
28 Aug 2008 2:13:42pm
Sorry ... don't expect a continuing return.
You will be looking at the government having to pump in billions that it doesnt have simply to maintain existing supply and get no return on it.
This will eventually be a negative cash flow business in its current form.Agree (0) Alert moderator
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tony of potts point:
28 Aug 2008 1:36:53pm
Please, please, please quit - this news has made my day. Now if you can take the other village idiots with you, my joy shall know no bounds!!
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leone:
28 Aug 2008 1:38:05pm
At last - Costa has a good idea.
Take your bat and ball and stomp off home then mate, you won't be missed. The sooner you go the better off both Labor and NSW will be.Agree (0) Alert moderator
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RJ:
28 Aug 2008 1:40:09pm
Who do these ministers think they are, that they can go against the will of the people who elected them. If they privatise electricity, prices will soar to accomodate the investors. You only have to look at countries like Britain where privatised energy suppliers are pushing prices up for greater profits just like the banks and other investor backed organisations.
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Joe Crawfoot:
28 Aug 2008 1:46:48pm
Go on Costa, do it ! Please quit, I dare you :)
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J C Denton:
28 Aug 2008 1:47:59pm
good as a labor supporter I cant stand this guys he should be part of the libs or nats not labor! please all do us a favour costa and leave!
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Gj:
28 Aug 2008 1:50:36pm
I may fail this time because of the Libs. When/if they get government they will also want to sell off a public asset. This I believe is only a political ploy to gain brownie points from the public.
They will also sell it off and they won't care how many of the public don't want it sold.
Both sides of politics are voted in by the public. It is about time all politicians started doing what there voters ask.
GjAgree (0) Alert moderator
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Nick:
28 Aug 2008 1:53:48pm
Dump Costa and roll Morris.
Put in that guy that has been against this from day one.
The leader of the Unions John Robinson.
At least he is standing up for the people of NSW and not into playing games...Agree (0) Alert moderator
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krazychrisp:
28 Aug 2008 2:18:22pm
There seems to be 1 major problem with Robinson and this "shadenfreude." That is - no one is coming up with a crwedible alternative to funding the changes that will need to take place. That f-wit Robinson, who claims to represent the people - is in fact only representing the 800 or so workers in that sector of the power industry. What about the other 4 million + that live here.
The Labor Govt, Carr, Scully, Iemma, they have proven time and time again how easily they can be hoodwinked by major infrastructure companies to the detriment of the people on NSW.
Desalination plant that will poison Botany Bay, East West City link skate ramp, and the debarcel that is Nth/West Sydney for public transport whilst the sth/west has their toll charges subsidised. And BAzza OFazza - if you think you can try and push this thru if you get into power, you have not seen the ire of the NSW public in all its vitriolic glory. Go ahead and tempt us to kill you......Agree (0) Alert moderator
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name withheld:
28 Aug 2008 1:54:15pm
Have to declare my hand first of all - I work for one of the public utilities scheduled for divestment.
That asside - as well as all the smoke and mirrors. The botom line is this
The network planners have forcast by 2013 unless we dramatically reduce our energy consumption through energy efficient appliances etc or reduced overall usage we will be out of generation capacity.
- shortage of energy for industry
- shortage of energy for domestic households
In short the lights will go out. So something has to be done
More than likely the government will now have to build a few more base load coal fired or more likely gas fired generators.
I do not have the numbers on me but I would have it as a guess that if somebody was to dig through the annual reports of all of the generator and utility companies that the NSW state governement owns from the last ten or so years and added up the money that has been returned to the state government by way as a share dividend (for want of a better expression ) I am pretty sure that it would be more that the 10-15 billion that they are trying to sell it all of for.
What has happened to all this money - certainly was not invested back into the industry. But that is the past.
So how about another plan why doesnt the government borrow some money to build the generation capacity back into the network to move us all away from the dark ages and use the future dividends from the utilities and generators to pay for it.
AS for Costa threatening to quit -
If the lights are still on dont forget to turn them of before you leave, the energy you save the rest of us will probably be your only legacy!
Please take Morris with you.Agree (0) Alert moderator
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Mark Plettner:
28 Aug 2008 2:20:38pm
I think the government estimates it earned $800 million per year from the electrity industry.
However, you can find annual reports for Delta, Macquarie, Eraring, etc. Do the sums and you'll find it's more like $1.1 billion per year from the lot. Mmmmm, where has all the dividends gone?Agree (0) Alert moderator
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lean:
28 Aug 2008 1:55:06pm
Morris I should call an early election NOW so that NSW people can boot ALL of them out. Sadly NSW voted a bunch of donkeys last year.
Next time you vote NSW, please ensure your candidate is not a donkey with a tag Labor in front of it; otherwise you get what you voted for. Same rule apply for for the federal and local council.
Lets replace Michael C by Reba M so that she can stuff everything up as well while they are on the role.Agree (0) Alert moderator
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Iain:
28 Aug 2008 1:55:58pm
Finally some leadership in the NSW Government. I hope Costa reads these comments so he sees how popular he is(n't)
Agree (0) Alert moderator
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Photon:
28 Aug 2008 2:01:45pm
Michael Costa, what part of the word " NO" don't you understand ???
Your party said NO to selling of our electricity system!
The unions said NO ! The public has said NO !
And hopefully Mac-Bank etc will say NO when you go looking for a job post-politics.Agree (0) Alert moderator
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Space Traveller:
28 Aug 2008 2:14:16pm
Whether it goes through or not the sooner he goes the better.
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Queenslander:
28 Aug 2008 2:17:30pm
I am exhausted.
It's goodnight from me.
I am clearly swimming against the tide here.
I just hope the people of NSW enjoy having their lights turned off.
Oh and please don't expect that the national grid will come to your rescue.
Farewell.Agree (0) Alert moderator
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Dave:
28 Aug 2008 2:19:08pm
Electricity prices must rise.
It's up to us to make sure they rise for the right reason, and that is: not to pay the rent a private owner would demand, and not to pay the looming price on carbon emissions. It is to invest in new generation capacity and in the technologies that reduce exposure to the carbon price.
How do we want to pay for it? In higher electricity prices or higher taxes?
Governments can borrow at a lower cost than business. But then we have to trust our government to choose the right path.
A well-intentioned government & opposition would treat this fundamental issue with the bipartisan respect it deserves.Agree (0) Alert moderator
