The New South Wales Government’s successfully shed its last remaining coal-fired power station, with Vales Point at Lake Macquarie sold for $1-million.
After failing to attract a buyer last year, the 50-year-old station has been snapped up by Sunset Power International, and a joint venture between Vales Point Investments and Waratah Energy.
The Baird Government claims the sale will save it $130-million annually.
The sale includes a four-year guarantee to workers employed under the current Delta Electricity enterprise agreement.
