While Mr Constance conceded the state budget would take an annual hit of potentially hundreds of millions of dollars, dividends received from the poles and wires are forecast to drop.

It seems odd that the Government would be talking down the value of its biggest asset at a time when they want to get the highest price when they sell it.

Polling has shown electricity privatisation is not popular, and with the Queensland election result fresh in voters' minds, the Coalition is not taking any votes for granted.

Read more: http://www.abc.net.au/news/2015-03-07/nsw-election-campaign-kicks-off-officially-ahead-of-march-28-po/6288100

 

Vote Baird and his Liberal (CONsrvative) government LAST on your ballor paper.

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Emphasis by Gus...

 

For starters, Mike Baird's Government is currently in tatters after the Independent Commission Against Corruption went through it like a dose of Epsom Salts washed down with Mylanta and prune juice. With twelve Coalition MPs forced to resign from their positions or move to the cross-bench, including a sitting premier, the Government Baird leads has proven itself to be one of the most corrupt in the country’s history.

Unfortunately for the Labor Party, the wounds left by Obeid, Tripodi and MacDonald have not healed enough for them to hold them to account to the extent they should be.

But Magic Mike is above all that corruption, isn’t he?

Not at all, given these corrupt MP’s were his allies, MP’s he socialised with, did business with, and one of whom was appointed by him to the position of treasurer. In fact, one of those  dragged in before ICAC to answer questions about illegal donations being laundered through the Liberal Party National Office was none other than Mike Baird’s principal fundraiser John Caputo, who was also questioned about giving cheques to Baird’s disgraced colleague Chris Hartcher, despite the cheques being made out to the Liberal Party.

Along similar lines, it’s hard to forget when Magic Mike refused to answer questions in parliament over donations allegedly made to his personal election campaign by a company called Eureka Capital. Soon afterwards, Eureka Capital was granted a multi-million dollar lucrative Government contract and the company's head Roger Massey-Green was appointed chairman of Networks NSW by the government.

Read more: https://independentaustralia.net/politics/politics-display/mike-baird-the-hidden-side-of-mr-colgate,7456

 

Perhaps the biggest sign that this was set up to be a debate that Mike Baird would comfortably win was when two of the Daily Telegraph journalists had their turn to ask questions.

Out came faces that would have been familiar to anyone who has seen the Daily Telegraph TV commercials

.Aww... how nice to have the old cast back together.

No left leaning journalist had a question, nor did any balanced journalist — just right-wing hacks.

Miranda Devine was introduced as a journalist, however those who know her work would regard her as a right-wing columnist. This is someone who views Malcolm Turnbull as a lefty and someone who could be easily described as the love child of Cory Bernardi and ... hmmm ... let me think ... ah yes, Christopher Pyne.

Then there’s Andrew Clennell, perhaps best known for his journalistuc hatchet jobs. Clennell at one stage in his questioning addressed Mike Baird as “You”, which seemed to me rather disrespectful...

The debate seemed to be in two sections: one related to corruption the other all about the Liberal's electricity network privatisation plans.

On the corruption question, both Baird and Foley were quick to point out their anger and disgust at the corruption that has plagued Labor in years past along with the current Coalition government. Foley pointed out that he has made efforts to rid the Labor Party of the influence of corruption, and Baird said something similar. However, Baird failed to mention that the corrupt members from the Coalition stayed in parliament voting with their Coalition colleagues before moving to the cross-bench. Baird also neglected that he was appointed to his previous position of treasurer by one of those sent to the crossbench after ICAC revelations.

On the privatisation issue, Mike Baird thought he had pulled a rabbit out of his hat with the appointment of former head of the ACCC Alan Fels to look over the privatisation plans before Baird signs off on them.

read more: https://independentaustralia.net/politics/politics-display/foley-trounces-baird-in-nsw-leaders-debate,7461

Meanwhile, the atrocious adverts by the Liberals (CONservatives) trying to show Foley on learner's plate might backfire on them... He might get his learner's permits while Baird crashes his car on the WestCONex... Who knows. 

A win for Foley

 

The Coalition said the proceeds from leasing state electricity assets will contribute to the construction of $20 billion worth of infrastructure including almost $9 billion on urban public transport.  

If re-elected, it will issue a 99-year lease on 50.4 per cent of its interest in electricity distributors Ausgrid and Endeavour and 100 per cent of the high-voltage transmission business, Transgrid.

Essential Energy, which operates poles and wires in rural NSW, will remain in full public ownership.

Professor Quiggin, a long-term critic of electricity privatisation in Australia, said the proposal "combines all the worst features" of past Australian privatisations.

These shortcomings include offering the assets for partial lease rather than outright sale; offering those leases at a time of high regulatory uncertainty; and the allocation of proceeds to large new expenditure programs.

"The fiscal loss to the public will therefore be at the upper end of the range observed in past privatisations," the report said.

Professor Quiggin claimed the government's policy package "will substantially reduce the net financial worth of the NSW public sector, and contribute $1 billion to $2 billion annually to the budget deficit".

The Baird government's privatisation plan has strong support from business groups but opinion polls show a significant level of voter opposition.

"The electoral unpopularity of privatisation reflects a mature public judgement based on long experience," the report said.

"The exclusion of Essential Energy from the asset sale program reflects strong opposition in a core element of the government's support base."

Professor Quiggin said the report was done on his own initiative without any external funding or commissioning. In the past he has been commissioned by trade unions to report on the sector.

It says politicians persist with the idea that asset sales are a "magic pudding", which can be used to get something for nothing.

"The Australian public does not share this delusion, and voters have repeatedly rejected proposals for privatisation," said the report, No Magic Pudding: How the Baird government's asset lease strategy will weaken the fiscal position of the NSW state government.

read more: http://www.smh.com.au/nsw/nsw-state-election-2015/poles-and-wires-plan-combines-the-worst-features-of-past-privatisations-report-20150310-140cfo.html

 

 

 

 

An investment bank that changed a report on power privatisation to make it more favourable to the New South Wales Government was "clearly given some orders by people in the Liberal Party," Opposition Leader Luke Foley says.

New South Wales Labor has seized on the report, by investment bank UBS, that says leasing the state's electricity assets will hurt the budget over the long term despite providing benefits for the state.

The report's initial title, "Bad for the budget, good for the state", was sent to clients on Tuesday and later reissued with the amended title "good for the state".

Newspapers have reported the analysis by the bank, which is backing the privatisation plan, was revised after issues were raised by "clients".

The reissued report also included new material on the benefits of the privatisation proposal.

UBS is reportedly advising the Coalition Government on its plan to partially lease electricity assets to the private sector for 99 years.

http://www.abc.net.au/news/2015-03-18/liberals-ordered-ubs-bank-change-privatisation-report-foley-says/6328026

 

See toon at top: CHANGING THE REPORT WON'T CHANGE THE END RESULT... privatisation would be bad for the state...

 

 

 

The Premier has admitted his office called a leading investment bank shortly before it altered a report critical of the impact of the government's proposed electricity privatisation on the state budget.

UBS altered the report which claimed the government's proposed partial privatisation of electricity businesses would hurt the state budget.

The investment bank - one of two banks handling the proposed privatisation for Premier Mike Baird's government - said in the initial report the transaction would damage the state budget in the long term due to the loss of billions of dollars in dividends and other payments.

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But the bank - which stands to benefit by earning millions of dollars in fees if the transaction proceeds after the March 28 election - hurriedly reissued an addendum later on Tuesday.

The reissued report removed a statement the transaction was "bad for the budget".

read more: http://www.smh.com.au/nsw/nsw-state-election-2015/nsw-election-2015-premier-mike-bairds-office-sought-to-influence-critical-electricity-privatisation-report-20150318-1m1ni9.html

 

Do I see a conflict of interest in the bank doing an analysis on a project from which it would make a major gain?... Hum... See toon at top....

 

Australia's electricity industry is about to undergo a massive transformation, with the advent of cheap storage batteries for solar energy.

US billionaire Elon Musk, a co-founder of PayPal, this month launched a lithium-ion battery called the Powerwall that is expected to sell in Australia next year for about $5,500.

It was developed alongside his revolutionary Tesla electric car, launched late last year.

"You can actually go, if you want, completely off-grid," Mr Musk said of the batteries.

"You can take your solar panels, charge the battery packs and that's all you use."

Bloomberg new energy finance analyst Kobad Bhavnagri said the batteries would be "a complete game-changer"

read more: http://www.abc.net.au/news/2015-05-21/powerwall-solar-batteries-to-transform-electricity-industry/6488230

Buying Baird's poles and wires might be a loosing venture within a couple of years... see toon and story at top...

NSW households could be slugged an extra $560 a year if electricity networks are successful in their legal bid to charge consumers more.

The unprecedented legal case kicks off again on Tuesday in Sydney when interstate networks from Queensland, Victoria and South Australia will seek to join proceedings, fearing what the NSW decision will mean for what they can charge their own customers.

A public hearing on Thursday will also hear from consumer groups who will argue households should be paying less than they are now.

Court documents lodged last month reveal the full extent to which the networks would like to increase costs for electricity consumers.

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According to an analysis by the Public Interest Advocacy Centre, combined, the networks have launched bids to recover an extra $5.72 billion over four years. 

While price cuts are already locked in for this financial year, if successful, the networks could seek to recover this extra revenue over the remaining three years of this current price determination.

This would mean the networks' 3.4 million customers could end up paying $1682 in total, or $560 extra a year for three years starting next July.

"These legal proceedings are very important because consumers face paying hundreds of dollars more on their electricity bills every year, a senior water and energy policy officer at the Public Interest Advocacy Centre, Oliver Derum, said.

Because electricity networks are monopolies, the amount that they can charge is determined by regulation.

Under a determination made in April by the Australian Energy Regulator, NSW electricity bills would have shrunk by between $106 to $313 this financial year, depending on their provider.

Network costs make up about half of what electricity retailers charge consumers.

PIAC is also challenging the AER's decision to say it is too generous to the networks.

Read more: http://www.smh.com.au/nsw/power-bills-to-rise-by-560-a-year-if-electricity-networks-get-their-way-20150802-gips50.html#ixzz3hkX2m2Jt

See electioneering "promises" made at top... Of course it was a lie then... We knew that... See toon at top...