News | 14th Sep, 2012

Yallourn boss comes clean on closure contract

Friday, 14 September 2012
Celine Foenander, ABC Gippsland

The managing director of TRUenergy, Richard McIndoe says the company didn't discuss money with the Federal Government during contract for closure negotiations.

Federal Energy and Resources Minister Martin Ferguson last week announced the negotiations had failed to reach an agreement to close five of the nation's electricity generators including Yallourn, Hazelwood and Morwell power stations.

Mr Ferguson says the contracts didn't offer value for money and the government didn't have a "bottomless pit" to buy out the generators.

However TRUenergy boss Richard McIndoe says dollar figures weren't exchanged during negotiations.

"We didn't really get to the point where there were negotiations to and fro about the actual number. I think that focus may have been with other generators," he says.

Mr McIndoe believes the government was serious about negotiating with the generators until electricity demand forecasts dropped.  

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