Keneally selling out households with power fire sale in China

Dr Kaye said: "Premier Kristina Keneally is in China to spruik the sale of the state's electricity industry.

"Premier Keneally is pushing ahead with electricity privatisation despite evidence that the people of NSW would be better off keeping the electricity retailers, generator output and development sites in public ownership.

"The Keneally government has refused to release the retention value of the state's electricity assets despite recent research that showed that keeping them in public hands would be worth $7.6 billion over the next four years. "Industry commentators have placed the sale value as little higher than this figure.

"After just five years, the state's finances will be worse off. "The people of NSW risk losing control of the electricity industry for a benefit that will last for little more than one term of government.

"Playing to the big end of town could cost NSW households more than just higher electricity bills from privatisation.

"Selling the electricity industry will give the community less control over this vital service at a time when there is mounting pressure for change and innovation.

"Opportunities to introduce much-needed demand management and renewable technologies will be lost as retailers are driven to satisfy shareholder demand for ever greater profits. "Premier Keneally is beating a well-worn path to China to sell public assets without a mandate from the people or parliament.

"Ex Premier Morris Iemma, dumped Minister Joe Tripodi and Treasurer Eric Roozendaal have all been overseas drumming up bidders for public electricity assets," Dr Kaye said.

For more information: John Kaye 0407 195 455