Power stations in NSW sold to pay off liabilities
TWO major power stations in NSW have been sold off, ridding the State Government from $200 million in liabilities.
Delta Electricity's Mount Piper and Wallerawang power stations were sold to Energy Australia for $160 million.
Treasurer Mike Baird said the deal released the state from the former Labor Government's Gentrader contract, which included huge liabilities if power stations did not deliver.
"This was a disastrous transaction executed in Labor's dying days, in which the auditor-general found that the output from the GenTrader assets was sold by state Labor for less than half the book value," he said.
Mr Baird said employees at the Mt Piper and Wallerawang power stations would transfer to Energy Australia on current terms and conditions.
The O'Farrell government will go ahead with selling the Delta Electricity Central Coast power stations next year.