• Libs’ thirst for dividends set state on path to energy crisis
• Value of power station exactly matched dividend Gutwein demanded
• Truth of Government’s behaviour is emerging

Hydro Tasmania’s admission today that it had valued the Tamar Valley Power Station at $75 million at the same time Treasurer Peter Gutwein demanded a $75 million dividend to prop up his budget bottom line is confirmation that the greed of the Liberal Government led to the Energy Crisis.

“Right To Information documents have already revealed that Hydro Tasmania was pursuing the sale of the Tamar Valley Power Station to satisfy the Government’s greedy and unrealistic demands for a $75 million dividend,” Labor Leader Bryan Green said.

“This morning’s events confirm it.

“It is clear that Hydro valued the asset at precisely the same price as the dividend Peter Gutwein was demanding – this is too much of a coincidence.

“We know that Hydro had told the Government it could not provide the Government with a special dividend, and was told to explore other options to satisfy Mr Gutwein.

“It is patently clear that the Government was prepared to sacrifice Tasmania’s energy security in return for a $75 million dividend.

“Hydro was effectively blackmailed, with the Government refusing to guarantee a $120 million equity transfer from TasNetworks unless a new “strategic direction” was adopted – namely the sale of the Tamar Valley Power Station.

“Hydro then mothballed the station and sacked its workers – it was clear that the sale process was to be completed by December 31, as stated in Hydro’s own documents.
“The Liberal Government was squeezing every last cent out of our energy businesses at the expense of energy security.

“This short-sighted and greedy demand triggered a series of events that have contributed significantly to the energy crisis.

“Today’s admission means it’s clear that the Liberal Government’s focus on dividends over energy security set Tasmania on the path to an energy crisis.

“The facts are starting to come out and Labor will continue to unearth the truth, no matter how much Sarah Courtney tries to run interference in the Public Accounts Committee.”
Bryan Green MP Labor Leader