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Power deal won't switch off jobs
11 December 2007
New South Wales Premier Morris Iemma believes the Governments decision to privatise the electricity sector wont cost Australian jobs.
His labor government yesterday agreed to sell Energy Australia, Integral Energy and Country Energy, and lease the state's power generators to the private sector.
"Electricity prices have gone up as a result of drought and will go up in the future as a result of drought and climate change," he said.
Having had the misfortune of living through an electricity lease off by the South Australian government, I can assure you that the electricity bills will be going up in NSW and I'd suggest that they are going up because those who are paying to lease the product will want to get a return on their investment, not because there is a drought.
However, Mr Iemma went on to say that jobs would be protected for five years and that the deal would save the government $15 billion over 10 years.
