Craig Kelly (Hughes, Liberal Party) Share this | Link to this | Hansard source

It was disappointing, but not unexpected, that we heard today that AGL has rejected an offer for the Liddell Power Station. It was only a few short years ago that AGL actually ascribed a zero value to Liddell in an investor presentation, no less. Now they say to $250 million—a quarter of a billion dollars—cash up-front: 'No, we don't want it.' The reason they don't want it is because it is worth more to them to reject that. Their bottom line is better with that power station closed than it is with it open. That is why they've rejected that. It's because they want to push up the wholesale price of electricity.

We have a job and a responsibility here as members of parliament. This is an essential service. If our competition laws are not adequate to act against such anticompetitive conduct, I say we should amend our competition laws. This conduct by AGL will harm consumers, it will harm industry and it will harm all Australians. We cannot sit by or stand for it. As I speak now, Liddell Power Station is currently supplying 1,600 megawatts into the New South Wales grid. That is approximately 20 per cent. When that pulls out and that is not available, prices will rise significantly for consumers. We have to act against this. We cannot stand by and watch such anticompetitive conduct.