NSW to sell off electricity companies.

It has been announced by New South Wales Premier Morris Iemma, that the state owned electricity retailers of NSW will be sold off.



The sale is expected to save taxpayers in the region of $15 billion dollars over the next 10 to 15 years. The sale will also ensure the states supply and reliability into the future.
New South Wales has three state owned retailers which will face the sale, they are Country Energy, Energy Australia and Integral Energy.



The retail arms of these businesses will be privatised, however the structural assets will remain in government ownership.
The Premiers aim is to raise the funds needed for a new baseload power station while offering existing power stations to private operators on ninety-nine year leases.


It has also been announced that the Independent Pricing and Regulatory Tribunal (IPART) will continue to provide consumer protection for retail customers and regulate the states energy prices.


Leon Hayes of Switchselect.com has said the public of New South Wales should be aware that IPART will ensure that there are no sudden price hikes in the electricity market until 2013 or until such time as the government believes that there is enough competition to ensure prices are kept low.


Many companies are offering fantastic deals to retain and acquire new customers.