Skip links and keyboard navigation

    Media Statements

    Coat of ArmsMedia Release
    Finance and Arts
    The Honourable Rachel Nolan

    Statement from the Finance Minister : power stations allocation

    Finance and Arts
    The Honourable Rachel Nolan

    Thursday, March 10, 2011

    Statement from the Finance Minister : power stations allocation

    Finance Minister Rachel Nolan has announced today in Parliament that the Bligh Government is delivering on its commitment to maximise the economic life of Queensland’s electricity generation assets.

    “This follows extensive consultation, as part of the Government’s review of generating companies, with the current generation companies, unions, competition regulators and most importantly, employees,” Ms Nolan said.

    “I can today confirm the final corporate structure of power stations under the government’s restructured government-owned electricity generators.

    “The restructure will result in the current three generation companies – CS Energy, Stanwell Corporation and Tarong Energy Corporation – being merged to form two new companies from 1 July 2011.

    “The restructure will be achieved by the reallocation of assets to the existing CS Energy and Stanwell corporate entities, using the provisions of Section 161 of the Government Owned Corporations Act.

    “After feedback from the consultation process, the Bligh Government has altered the draft generator allocations to place the small hydro power stations and Mackay Gas Turbine within with the Stanwell-Tarong portfolio.

    “We have also decided to combine the ownership of the Glen Wilga coal resource in the Surat Basin, currently held by Tarong Energy, with the adjacent Kogan coal mine which supplies fuel to the Kogan Creek Power Station.

    “Otherwise, the reallocation of portfolio assets is unchanged from the preferred structure announced on 25 November 2010.

    “The changes announced today to the allocation of Queensland’s electricity generation corporations strengthen these entities for the future.

    “The restructure will keep the generators in public ownership, and allow them to meet the challenges of both a competitive national electricity market; and to transition in a future where climate change must be addressed.

    “It is anticipated that the restructure will come into effect from 1 July 2011 - consistent with the target we set out last year.

    “Ensuring the employees and unions had the opportunity to comment on the reallocation of assets is crucial to the success of the implementation of the review.

    “I’m pleased that consultation will continue throughout the implementation of the new structure.”

    Media: 3237 1051