Baird lies on electricity dividend broken promise: O'Farrell Government electricity bill price hike plan

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The O'Farrell Government is deliberately misleading the public over its electricity dividend broken promise – and developed the plan that will send electricity bills skyrocketing for 2.1 million Endeavour Energy customers.

"Electricity bills are set to soar because the O'Farrell Government is gouging an extra $113 million in electricity dividends from Endeavour Energy customers over the next two years," Opposition Leader John Robertson said.

"The O'Farrell Government is deliberately lying to the public over its broken promise to freeze electricity dividends – the Treasurer and Finance Minister developed the plan to increase dividends from the get go.

"The State Owned Corporations Act specifies that Treasurer Mike Baird and Finance Minister Greg Pearce were consulted and approved the massive electricity dividend increase.

"Treasurer Mike Baird is lying when he says 'individual companies can make plans' – he personally developed the plan to send household electricity bills soaring.

"The O'Farrell Government deliberately broke its promise to freeze electricity dividends so it could fill the treasury coffers at the expense of NSW families already doing it tough."

Shadow Energy Minister Luke Foley said the O'Farrell Government could not spin its way out of this broken promise.

"Mike Baird has been outright lying with his claims the government will decide what dividend they extract from state owned energy providers at the end of the year," Mr Foley said.

"Mike Baird's signature is on the Endeavour Energy Statement of Corporate Intent that will gouge an extra $113 million from households over the next two years – the deal has already been done.

“More than 2.1 million people in western Sydney, Blue Mountains and the Illawarra will see their electricity bills soar because the Premier and Treasurer are forcing Endeavour Energy to pay their government massive dividends."

The Endeavour Energy 2011/12 Statement of Corporate Intent reveals the O’Farrell Government will increase dividends by:

Year Budgeted dividend New dividend under O’Farrell Increase
2011/12 $133 million $182.3 million $49.3 million
2012/13 $131.8 million $195.9 million $64.1 million

 

*Endeavour Energy was formerly known as Integral Energy.