The Liberal and Nationals partyrooms met today to discuss the sale of poles and wire assets to help fund major infrastructure projects.
In a tweet posted shortly after 3pm, Mr Baird confirmed the outcome.
It’s an historic day for NSW. The NSW Liberals & Nationals have agreed to lease poles/wires so we can cont rebuilding NSW #nswpol #auspol
— Mike Baird (@mikebairdMP) June 10, 2014
The lease will form part of the “Rebuilding NSW” Plan, which the government launched this afternoon.
Mr Baird said leasing the assets would allow the government to create the Regional Road and Water Funds, valued at around $1 billion each, as well as additional projects under the $20 billion infrastructure plan.
“These projects will be delivered by transferring 49 per cent of the Government’s ownership of a range of electricity transmission and distribution companies across to the private sector, in the form of a 99-year lease,” he said in a statement posted online.
Mr Baird said nothing will be undertaken until mid-2015.
Other projects include a new Harbour rail tunnel in Sydney.
Mr Baird’s online statement also outlined conditions on the proposed lease of the poles and wires, which included:
- All net proceeds will be invested in new productive infrastructure, through the Restart NSW Fund
- Electricity network prices will be discounted by 1% off the forecast regulated prices until 2019
- The jobs of employees will be protected, and treated consistently with previous transactions
- The transaction will have no adverse impact on electricity reliability
- The regional presence of the network businesses will be maintained
More to come.
- With AAP
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