Couriers Mail today 26/08/24
https://todayspaper.couriermail.com.au/html5/reader/production/default.aspx?pubname=&edid=4c9da1fd-ed81-48ec-badb-73880a577ad6   pay walled.


Quote:

YOU PAY, THEY GET A RAISE EXCLUSIVE - JOHN ROLFE Mark Collette EnergyAustralia CEO since 2021 2023-24 pay: $2.8m Increase: $800,000 or 45% * 1.6m for electricity Price rise in 2023-24:20% in Qld and NSW, 28% in Victoria, 22% in SA. $117m, up $230m on $113m loss in 2023 * Pay increase is for calendar 2023 because of how the company reports financials. Frank Calabria Origin Energy CEO since 2016 2023-24 pay:$5.6m Increase:$700,000 or 10% 2.7m for electricity Price rise in 2023-24: 20% in Qld and NSW, 28% in Victoria, 22% in SA 58% to $1.18bn While their customers fret about how to pay their electricity bills, Australia’s big three power companies have increased pay to their fat-cat bosses by more than $1m in the past 12 months – to over $10m. New financial statements lodged in Australia and Hong Kong reveal Origin, EnergyAustralia and AGL forked out $5.6m, $2.8m and $2.3m respectively to their top executives in the year to the end of June. Origin’s chief executive Frank Calabria, who lives in a Mosman mansion in Sydney worth $11m, enjoyed a $700,000 surge in take-home earnings, its annual report shows, as the company delivered a near 60 per cent profit jump to $1.18bn on soaring electricity margins. EnergyAustralia’s Mark Collette got a bump of about $800,000 last calendar year, according to the filings of its ultimate owner, China Light and Power Holdings. Mr Collette’s pay has been lifted by a further 10 per in the first half of calendar 2024, according to China Light and Power’s latest earnings report, in which it called out EnergyAustralia as a star performer. The size of the increase in pay to AGL chief Damien Nicks cannot be calculated because he was not with the business for all of the 2023 financial year. What is known is that on top of his $2.3m pay packet in 2023-24, he was awarded more than $700,000 in shares to be allocated next month. AGL’s annual net profit increased 189 per cent to $812m last financial year and it doubled its dividend to shareholders, the largest being activist billionaire Mike Cannon-Brookes. At the same time as these power giants were increasing their executives’ pay, benchmark power prices in large parts of NSW, Victoria, Queensland and South Australia rose by more than 20 per cent under decisions taken by market regulators. Consumer advocates said the profit and pay outcomes showed the system was stacked against small customers. David Richardson, senior research fellow at left-leaning think tank The Australia Institute, said earnings from household and small businesses were “huge”. “The price to consumers is a hell of a lot more than the price to large businesses,” he said. “What they publish about the additional costs for consumer customers in no way explains that full difference.” Energy Consumers Australia CEO Brendan French noted there had been a 40 per cent increase in the number of households unable to pay their accounts. “ At a time when some of the bigger energy retailers are posting significant profits, we are seeing consumers finding it increasingly hard to meet high energy bills,” Dr French said. “I don’t think you have to be Einstein to see there’s an imbalance between the consumer and the energy system.” An Origin spokeswoman said Mr Calabria’s pay reflected “strong operational and financial performance”. “A profitable Origin is important, as it puts us in a stronger position to invest in the energy transition,” she said. An AGL spokesman said it was increasing investment in the energy transition and in bill relief. Energy Australia declined to comment. Damian Nicks AGL CEO since 2022 2023-24 pay: $2.3m Increase:Can’t be calculated because he wasn’t with AGL the full prior year Customers: 2.4m for electricity Price rise in 2023-24: 20% in Qld and NSW, 28% in Victoria, 22% in SA Profit jump: 189% to $812m

The CEOs Boys Club in another sector fiddles whist consumers burn under increased electricity costs.

And as for Energy Australia being owned by China Light & Power Holdings what more can you say?

Renewables & cheaper reliable power?  ::) >:(

The Albanese Govt announced last week it was throwing its weight behind the biggest renewable project in the southern h/sphere . Located between Katherine & Elliott in the NT which will require the clear felling of 30,000 acres to establish it.


Quote:

Albanese Government gives environment approvals to Australia's biggest renewable energy project ever. In a massive step towards making Australia a renewable energy superpower, the Albanese Government has approved a huge new industrial solar power project in the Northern Territory.

Yes - introducing the profit motive into a public arena has always been a failure leading to poorer service and higher costs and every blackguard move to enrich the Chosen Ones.  It is actually worse when government remains a major 'shareholder' while merely sliding the cash into consolidated revenue - i.e. removing it from the core business of providing power (in this case) and putting it to their favourite pipe dreams.

The first great lie perpetrated on the Australian people was 'consolidated revenue' - meaning the money pot from which 'we' can draw the funds we want for our wet and pipe and pet dreams.... and stuff the realities for the masses... their cake is still warm, isn't it?

The second great lie was 'privatisation' under the mantra that what's good for business is good for everyone... sure it is.... I can see that every damned day...

https://www.abc.net.au/news/2024-08-25/claims-energy-consumer-protections-failing-as-some-pay-double/104263266

The cost of living crisis is partly driven by the cost electricity crisis.

How did Labors privatisation of power go so very, very, wrong?

Daves2017 wrote on Aug 26^th, 2024 at 1:54pm:

https://www.abc.net.au/news/2024-08-25/claims-energy-consumer-protections-failing-as-some-pay-double/104263266 The cost of living crisis is partly driven by the cost electricity crisis. How did Labors privatisation of power go so very, very, wrong?

Whose?  The Coalition usually made the decision to sell off the electricity systems.  In SA the Liberal Party exclusively sold off the electricity generators at Port Augusta and they decided to shut it down.  Tsk, tsk, tsk...  ::) ::)

Daves2017 wrote on Aug 26^th, 2024 at 1:54pm:

https://www.abc.net.au/news/2024-08-25/claims-energy-consumer-protections-failing-as-some-pay-double/104263266 How did Labors privatisation of power go so very, very, wrong?

When profitable privatise when unprofitable nationalise. That is how. Both ALPs do it however  :(

tallowood wrote on Aug 26^th, 2024 at 2:21pm:

Daves2017 wrote on Aug 26th, 2024 at 1:54pm: https://www.abc.net.au/news/2024-08-25/claims-energy-consumer-protections-failing-as-some-pay-double/104263266 How did Labors privatisation of power go so very, very, wrong? When profitable privatise when unprofitable nationalise. That is how. Both ALPs do it however  :(

Nifty footwork there....

Brian Ross wrote on Aug 26^th, 2024 at 2:11pm:

The Coalition usually made the decision to sell off the electricity systems.

Usually? Except Victoria -

"The process of electricity privatisation in Australia began with Labor in Victoria, when the government of Joan Kirner sold 51% of the Loy Yang B power station in 1992. Her Liberal successor, Jeff Kennett, then sold the remainder of Loy Lang B, as well as the rest of the state’s publicly owned generation, transmission and distribution assets."

https://theconversation.com/labors-love-lost-the-tide-is-turning-on-private-ownership-of-electricity-grids-193091

SA - with the help of a Labor member.

"The South Australian Government's plan to sell up to $6 billion worth of electricity assets gained valuable breathing space yesterday when ALP rebel Mr Terry Cameron voted with the Liberals to keep the sale bill alive."

https://www.afr.com/markets/commodities/labor-mp-backs-sa-power-sale-19980821-k89ac.

Queensland - Goss got cold feet.

" Goss’s Cabinet finally voted against any plan to privatise Suncorp – a decision taken in the shadow of an impending loss of government because of the Mundingburra by-election in early 1996.

“Deep down, I believed in the privatisation of government assets but the political will wasn’t there,” De Lacy would say later."

https://www.inqld.com.au/business/2022/03/07/25-years-on-suncorp-proves-privatisation-doesnt-have-to-be-a-dirty-word

NSW - Libs went to polls on the question - lost. NSW Labor privatised the power.

"The fact that the NSW Labor government has pushed ahead with the sale despite public opposition and the fact that electricity prices have already risen in preparation for the sale, suggests that it is more interested in pleasing vested business interests than protecting the public interest."

https://theconversation.com/state-of-nsw-weighing-the-cost-of-the-privatisation-of-power-312

I stand semi-corrected, although I note that it was a Liberal decision to sell in SA as I said it was. Tsk, tsk, tsk...  ::) ::)

Brian Ross wrote on Aug 26^th, 2024 at 6:51pm:

I stand semi-corrected, although I note that it was a Liberal decision to sell in SA as I said it was. Tsk, tsk, tsk...  ::) ::)

You barely stand semi-erected as your yawns show, your only claim to fame here would be how impotent your posts are.

Brian Ross wrote on Aug 26^th, 2024 at 6:51pm:

I stand semi-corrected, although I note that it was a Liberal decision to sell in SA as I said it was.

It was also a Liberal decision to nationalise it. ;)

But where did you drag the "usual" bit from? ;)

I think RTSolar people should form an association of sorts to galvanise and coordinate RTS strikes. Turn off our power at the time they most rely on it . Random days we turn it off, all together, Au wide, and see how they cope.

lee wrote on Aug 26^th, 2024 at 6:07pm:

Brian Ross wrote on Aug 26th, 2024 at 2:11pm: The Coalition usually made the decision to sell off the electricity systems. Usually? Except Victoria - "The process of electricity privatisation in Australia began with Labor in Victoria, when the government of Joan Kirner sold 51% of the Loy Yang B power station in 1992. Her Liberal successor, Jeff Kennett, then sold the remainder of Loy Lang B, as well as the rest of the state’s publicly owned generation, transmission and distribution assets." https://theconversation.com/labors-love-lost-the-tide-is-turning-on-private-ownership-of-electricity-grids-193091 SA - with the help of a Labor member. "The South Australian Government's plan to sell up to $6 billion worth of electricity assets gained valuable breathing space yesterday when ALP rebel Mr Terry Cameron voted with the Liberals to keep the sale bill alive." https://www.afr.com/markets/commodities/labor-mp-backs-sa-power-sale-19980821-k89ac. Queensland - Goss got cold feet. " Goss’s Cabinet finally voted against any plan to privatise Suncorp – a decision taken in the shadow of an impending loss of government because of the Mundingburra by-election in early 1996. “Deep down, I believed in the privatisation of government assets but the political will wasn’t there,” De Lacy would say later." https://www.inqld.com.au/business/2022/03/07/25-years-on-suncorp-proves-privatisation-doesnt-have-to-be-a-dirty-word NSW - Libs went to polls on the question - lost. NSW Labor privatised the power. "The fact that the NSW Labor government has pushed ahead with the sale despite public opposition and the fact that electricity prices have already risen in preparation for the sale, suggests that it is more interested in pleasing vested business interests than protecting the public interest." https://theconversation.com/state-of-nsw-weighing-the-cost-of-the-privatisation-of-power-312

Goss may have .. De Lacey hindsight claim? He knew the people would turf them out .... and they did anyway...

but the LNPs Rob Borbidge didn't last long ...

Beattie got in & he sowed a lot of seeds of privatisation of state assets ... then resigned & left it to Anna Bligh ...

and she got the boot for doing the sell off.

The LNPs Campbell Newman got in ... learnt nothing went down the slash & burn road and also wanting to sell off state assets ....

so he got the boot as well.

But the sell offs continue by stealth under Labor just like the LNP.

All just lining their own pockets.

Govt essential services should not be privatised.