The NSW Government has announced that it intends to undertake a long-term lease of 49 per cent of the “poles and wires” network businesses, to unlock $20 billion in infrastructure funding, including $6 billion for regional NSW.

NSW Premier Mike Baird said that the state government will be undertaking a number of infrastructure projects as part of the Rebuilding NSW project.

For Sydney, the centrepiece of the plan will be a new Sydney Rapid Transit line, including a second harbour rail crossing and extending the North West Rail Link through the CBD and beyond to Bankstown.

In the regions, among other projects, Rebuilding NSW will support a Regional Roads Fund and a Regional Water Fund, each worth at least $1 billion.

“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.”

Conditions on the lease will include:

  • All net proceeds will be invested in new productive infrastructure;
  • Electricity network prices will be discounted by 1 per cent off the forecast regulated prices until 2019;
  • The jobs of permanent award employees will be protected and treated consistently with previous transactions;
  • The transaction will have no adverse impact on electricity reliability; and
  • The regional presence of the network businesses will be maintained.

©2024 Utility Magazine. All rights reserved


We're not around right now. But you can send us an email and we'll get back to you, asap.


Log in with your credentials

Forgot your details?