Baird couldn't sell Vales Point Power Station - what price will he accept for our electricity network?


Mike Baird needs to come clean with NSW voters and reveal what price he will accept for the state’s electricity network before voters go to the polls this Saturday.

The Liberals have repeatedly refused to provide any detail on their risky plan to privatise the electricity network throughout the whole election campaign – with three days to go now is the time to come clean.

Labor leader Luke Foley called on Mike Baird to tell the truth to NSW voters about his risky sale during a visit to the Vales Point Power Station on the Central Coast today.

Vales Point is the same power station Mike Baird failed to find a buyer for in December last year.

Mike Baird’s failure to sell the Vales Point power station raises important questions about what is the lowest price he is prepared to accept to sell the electricity network.

And if he doesn’t reach the reserve, how do the Liberals and Nationals pay for the billions of dollars in empty promises they have made across the state.

Quotes attributable to NSW Labor Leader Luke Foley:

“Mike Baird has been claiming that the dividends from the electricity network are going to shrink dramatically over the next four years. If you accept his claim is true, then it will wipe billions of dollars of the potential sale price for the electricity network.

“The UBS report that Mike Baird tried to suppress has already knocked $2 billion off the sale price.

“Now Mike Baird has been broadcasting to every potential buyer of the electricity network that its profits are going to fall through the floor – what private company would pay a premium for an asset that Mike Baird says is losing profits?

“Mike Baird needs to tell the people of NSW today what is the lowest price he will accept from a private operator for our electricity network.

“The risk for the people of NSW is that Mike Baird has invested so much of his political capital in his risky plan to privatise the electricity network – his flagship election policy – that he will accept any price to get the sale through.

“Mike Baird knows that if he can’t sell the electricity network for the price that he wants he can’t deliver his extravagant promises.

“Labor’s fully-funded plan does not have the mounting risks that Mr Baird’s plan has – because we are going to keep the electricity network and the profits it generates in public hands.”

Key Facts:

Vales Point power station was part of the Delta Coast asset transaction which resulted in the sale of Colongra Power Station 29 December 2014 (transaction started 10 December 2013).

Vales Point coal power station failed to sell as part of the transaction. It was built in 1978 and has a useful life until 2029 and is located in Mannering Point in the electorate of Wyong.