Media Release

30 April 2018

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The NSW Labor Opposition says the $1.2 billion bid by Alinta for Liddell power station exposes the shocking mismanagement and waste of public assets by the NSW Liberals and Nationals.

The power station was built and then owned by the NSW Government for decades before the NSW Liberals and Nationals privatised it in 2014.

At the time AGL boasted to its investors that Liddell was “valued at $0 representing a ‘free’ option.”

Today, rival energy company Alinta Energy has made a $1.2 billion bid for Liddell.

The valuation shows the degree to which the Liberals and Nationals have routinely squandered valuable public assets, and failed to deliver affordable and secure energy supplies for NSW households and businesses.

In November 2015, the NSW Liberal National Government offloaded another state-owned power station, Vales Point near Lake Macquarie, for just $1 million. Last year, its new owner, Sunset International valued the station at $730 million.

Time and again the incompetence of Liberals and Nationals have dudded the taxpayer, and then walked away from the problems that have arisen from offloading these assets – a lack of affordable energy.

Federal and State Liberal National Governments now want to tell AGL what kind of energy it is allowed to produce at Liddell and are even considering forcibly buying back the power station using taxpayers’ money.

Quotes attributable to Labor Leader in the Legislative Council and Shadow Minister for Energy, Adam Searle MLC:

“The State Liberals and Nationals have literally given our key public assets away for nothing and now we find that they are worth many hundreds of millions.

“The taxpayer loses on every front – assets that are worth millions are given away and all they get in return are higher energy prices.

“On the basis of the current bid, it seems the Liberals and Nationals ‘sold’ Liddell for nothing when it was really worth $1.2 billion.

“This is a shocking indictment on the ineptitude of the Liberal National Government when it comes to the handling of our valuable public assets.

“Gladys Berejiklian’s claim to good economic management is in tatters.”