NSW plans privatization of electricity businesses

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
NSW plans privatization of electricity businesses

The New South Wales Government (NSWG) has announced plans to sell-off half of its electricity distribution network  to fund investment in other infrastructures.

The government aims to rise about AU$20 billion from a 99-year lease on 49% of the government-owned electricity distribution and transmission businesses.

The transaction could exclude Essential Energy and Transgrid which have large regional footprints.

The privatization notice comes as NSW residents are having rising power costs.

It is understood that the NSWG could use the funds to finance other needed infrastructure projects in Australia including WestConnex road project, a major highway in Sydney, and a new rail crossing under Sydney harbour.

New South Wales will soon hire advisers to conduct a study about how the lease should be executed.

The government said that the remaining 51% stake in the power grid will be held by the NSW Future Fund, which manages investments on behalf of the state.

List of country news

Country news

  • June 27, 2014

    AMP Capital completes acquisition of Australia's AquaTower

    AMP Capital has completed the acquisition of 100 % of AquaTower from two subsidiaries of Hong Kong-based conglomerate Cheung Kong Holdings: CK Life Sciences International Holdings, which holds 51 %, and Cheung Kong Infrastructure Holdings, which holds the remaining 49 %. Read more
  • July 02, 2014

    Planning approval for East West Link PPP project

    Matthew Guy, Victoria state Planning Minister, has given the green light for the development of the eastern section of the East West Link project. Read more
  • July 02, 2014

    GVK clarifies on sale of airport business and Australian operations

    GVK Power & Infrastructure has announced that it is in preliminary talks with a few investors to sell a stake in GVK Airport Holdings and Hancock Infrastructure Pvt Ltd. Read more
  • July 04, 2014

    AMP Capital refinances South Australian Schools Project

    The South Australian Schools Project, in which the AMP Capital Community Infrastructure Fund and AMP Capital Core Infrastructure Fund are invested, has successfully refinanced its $185 million debt facility. Read more
  • July 07, 2014

    Transurban led consortium reaches FC on Queensland Motorways acquisition

    The consortium comprising Transurban Group (62.5%), AustralianSuper (25%) and Tawreed Investments Limited (12.5%), a wholly-owned subsidiary of the Abu Dhabi Investment Authority, has reached financial close on the acquisition of Queensland Motorways for US$6.673 billion, plus stamp duty and transaction costs of $0.447 billion. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.