Synergy’s Annual Report released today highlights the state-owned corporation made a statutory loss after tax of $263.5 million last financial year.
“This loss is on top of the $656.9 million loss two years earlier”, said Liberal Leader and Shadow Energy Minister David Honey.
“In the Budget Estimates hearings, Bill Johnston has also highlighted a further $300 million dollar bailout this financial year will be given ‘for Synergy running its thermal fleet in an uneconomical manner’”.
“That means taxpayers have lost over $1 billion from Synergy under WA Labor”.
“Not only is Synergy in substantial financial difficulties due to the uptake of renewable energy but also there is increasing potential for blackouts on the system”.
“Energy Minister Bill Johnston in budget hearings highlighted how precarious the situation is:
‘We have done enough to keep the lights on next year, although we never know because it is a dynamic system’”.
“It was very concerning to hear the Energy Minister make this statement”.
“This situation is reminiscent of Labor’s mismanagement leading to blackouts when they were last in power”.
“Labor has no effective plan for energy and now hundreds of millions of dollars are being wasted to bail out the energy system”.