The New South Wales Government has entered in an agreement with an all Australian consortium for the partial lease of Ausgrid.
The state will reap more than $16-billion fwith the proceeds going towards infrastructure projects.
“This is another excellent result for the people of NSW after our successful $10.258 billion lease of TransGrid,” said the Premier, Mike Baird.
“Our poles and wires transactions are unlocking billions of dollars to fund new schools, hospitals, public transport and roads that will make a real difference to peoples’ lives,” he said.
IFM Investment and Australian Super was the successful consortium, meaning there’ll be no need to seek approval from the Foreign Investment Review Board.
Earlier this year, the Federal Government blocked a Chinese bid for Ausgrid.
The New South Wales government will retain 49.6 per cent of Ausgrid and will continue its role at the licensor and safety and reliability regulator.
Premier Mike Baird says the consortium has signed an Electricity Prices Guarantee with total network charges to be lower in 2019 than they were in 2014. Ausgrid will still be regulated by the Australian Energy Regulator which determines prices.
