Hydro Plan Proves Hard To Sell
Sydney Morning Herald
Friday April 21, 2006
THE NSW Minister of Finance, John Della Bosca, was lambasted over the planned sale of the Snowy Hydro at a packed forum in Cooma last night.
More than 300 people, including local mayors, engineers and conservationists, cheered as the plan to sell was criticised, heckling Mr Della Bosca as he sought to defend it. Numerous speakers warned that NSW was selling control of increasingly precious water supplies for a short-term gain to prevent a budget deficit. Mr Della Bosca said the sale reflected the demands of the emerging electricity marketplace and scoffed at suggestions the Government was selling its share, possibly worth as much as $2 billion, to plug its deficit. David Hain, a lawyer, said to wide applause: "If this sale goes ahead, those responsible for the sale of the Snowy will be remembered as the men who squandered our inheritance." He said the Snowy scheme was south-eastern Australia's water insurance policy. While the immediate profit was thought to be from electricity, water would become "much more valuable than electricity". The Labor MP for Monaro, Steve Whan, distanced himself from Mr Della Bosca's stance, saying he would regret the sale decision "for the rest of my life".
© 2006 Sydney Morning Herald
