Turnbull government vows to never privatise Snowy Hydro after $6b shares buyout

2 March 2018

James Elton-Pym, SBS News
2 March 2018

The federal government will soon own 100 per cent of the Snowy Hydro plant after striking a deal with NSW and Victoria to buy their shares for $6 billion.

The federal energy minister has vowed to keep the Snowy Hydro in public hands after the Commonwealth struck a deal to buy Victoria and New South Wales’ shares in the hydro-electric power plant.

The government will pay NSW around $4 billion for its share and Victoria $2 billion for its smaller stake, giving the Commonwealth total ownership and control.

The Turnbull government is now a step closer to implementing its so-called ‘Snowy 2.0’ expansion, which will add a large hydro battery to the existing power plant.

Energy minister Josh Frydenberg said the sale was “fair value” and promised to never sell the asset to a private buyer.

Read the full article here.