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An Australian lawmaker who holds the balance of power in the upper house of New South Wales (NSW) has given the go-ahead to privatise the state’s electricity grid – under the proviso that no employee loses their job for five years.
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Reverend Fred Nile said the partial sell-off, expected to raise about A$17 billion ($13.04 billion), would benefit its three million customers but that the sale must carry a job guarantee.
“While the electricity industry is facing a challenging time... it is clear that workers are worried about how they will be affected,” Nile wrote in a report submitted to parliament.
NSW state premier Mike Baird, who was re-elected in March on a promise to sell the network, said in a statement that Nile’s report was an “endorsement” of the sale. He noted: “Over the coming days we will be speaking with all relevant parties as we guide our legislation through [parliament]”.
The sale is expected to attract State Grid Corporation of China, Cheung Kong Infrastructure Holdings and other global infrastrucure players keen on predictable, annuity-style returns.