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Legislative Assembly for the ACT: 2000 Week 2 Hansard (2 March) . . Page.. 521 ..

MR SPEAKER: I call Mr Berry.

Members interjected.

MR SPEAKER: Order, please! For the first time in some time, Mr Berry legitimately has the right to speak in this place and the rest of you should remain silent.

MR BERRY: But it is not the first time that we have had useless commentary, Mr Speaker. My question is to Mr Humphries in his capacity as Treasurer. Yesterday, in answer to two questions in this place, we were given the astonishing information that if the proposed ACTEW/AGL merger or sale collapsed - if the board did not get on or they had a disagreement that could not be settled and so on and so forth - the ACT would have to buy back the assets that had previously been given over to the new organisation. The sum of $100m, a nice round figure, was conveniently mentioned and seems to be gaining a bit of credibility. We now know - I assume that you know this - that ACTEW has confirmed that it wants to take up AGL's offer of equity in the proposed gas-fired power generator that the company is offering as a sweetener. It looks like a good thing for the Territory. Does the Treasurer know how ACTEW intends to take up its equity share in the power station and how much it will be worth? Will ACTEW offset its equity in the power station against AGL's equalisation payment, thus reducing the amount available to put towards the Territory's superannuation liability, if that is where it is to be spent, or other purposes?

MR HUMPHRIES: No, I cannot give Mr Berry information about the arrangements with respect to the equity because they have not been negotiated as yet. That is a matter that will be discussed between ACTEW and AGL.

Mr Berry: As Treasurer, you cannot tell us that?

MR HUMPHRIES: I cannot tell you because the information does not exist, Mr Berry.

Mr Berry: Holy bloody hell! Give the ball back to Kate. At least she would have a go.

MR SPEAKER: Order, please! Mr Humphries is now answering the question, Mr Berry.

MR HUMPHRIES: Mr Speaker, I have to say that I think Mr Berry in his question was conceding that the power station was a good idea. "It seemed to be a good thing for the Territory" were the words he used, I think. I would like him to explain how we could get this good thing for the Territory without coming to some kind of financial partnership with a company such as AGL. In fact, if it is going to be a gas-fired power station of the kind that does so much good for our greenhouse gas emissions, presumably it has to be with a gas company like AGL, which rather narrows the field. I think it is a good deal as well and I think ACTEW should explore the arrangement, but whether it comes out of the equity which is purchased by ACTEW in AGL's power station or whether it is simply a joint venture and developed jointly between AGL and ACTEW or whatever, with respect, does not matter very much because either way - - -

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