ACCC suggests Queensland sell energy assets

The Queensland Government has rejected a recommendation from the ACCC to sell the state’s energy assets.

The final report of the Retail Electricity Inquiry report, released today, suggests Queensland should break up its energy assets and sell them.

“… the Queensland Government should ensure the three portfolios are separately owned and operated by selling at least two of the portfolios,” page 93 of the report says.

Queensland Energy Minister Dr Anthony Lynham said the state has already had two elections on asset sales.

“Queenslanders don’t want us to sell their electricity assets – their power stations, poles and wires that deliver electricity across the state, no matter where you live,” Dr Lynham said.

“The Palaszczuk Government’s actions are already seeing electricity prices decrease and this has been acknowledged by the ACCC.

“Selling assets hasn’t worked in New South Wales and Queensland continues to prop up the National Energy Market (NEM).

“And because we own the assets, we’ve been able to direct prices to be lower. Public ownership is working.”

The Inquiry, which commenced in March 2017, has identified the root causes of high electricity prices across the entire electricity supply chain, and has made 56 recommendations detailing ways to fix the NEM.

The ACCC estimates its recommendations, if adopted, will save the average household between 20 and 25 per cent on their electricity bill, or around $290-$415 per annum.