NSW electricity prices: up, up and away

And they remark "These returns … would be far higher if they were pre-tax, since [company] tax equivalent [payments] got to State Treasury, if these enterprises used the same accounting methods as listed public companies".

"Why", not "how" the assets are to be sold is le mot du jour.

So far, no convincing answer has been forthcoming from the state government. That said, it's only been 8 months.

Government statements on the matter have done little more than blown a heck of a lot of smoke in voters' eyes.

Let's look at a few issues. All are listed in an18 December 2014 media release from the NSW Government.

First, the government "will proceed with the long-term lease of 49% of the NSW electricity network, introducing private investment into TransGrid, Ausgrid and Endeavour Energy (the "Network Businesses"). The regional distribution network, Essential Energy, will remain 100% Government owned".

Sounds ho-hum, but what does this mean?

What is clear is that 51% of the network pie will stay in the government's hands, at least for now.

But what is in that pie?

Is it "51% of the aggregated assets of all the network companies by value"? And how rubbery are those figures?

Or does the Premier plan to keep 51% ownership of each of the businesses?

Or is it "on average, 51% of each distributer's network assets"?