NSW Premier Iemma has pledged to delay the scrapping of retail price caps for households and small businesses until at least 2013, following the partial privitisation of the state’s electricity assets.
The sale of the retail arms of the state-owned Energy Australia, Integral Energy and Country Energy and lease of its electricity generators to private operators is expected to raise $15 billion.
The price caps for small business are designed to protect them from price volatility in the short term.
Business has welcomed the plan, but Iemma reportedly faces a battle with unions to get it through.
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