Australian State Plans $3B Power Asset Sell-Off

Law360, New York (May 30, 2012, 5:52 PM EDT) -- The upper house of Australia's New South Wales Parliament voted Wednesday to sell off approximately AU$3 billion (US$2.9 billion) worth of power generation assets to fund infrastructure projects in the southeastern state.

After three readings, the controversial bill authorizing the asset sale passed the New South Wales Legislative Council by a 20-17 margin, paving the way for the state's second major power sell-off in as many years.

Bill 2012, which cleared the state parliament's lower house earlier this year, now returns to the Legislative Assembly for...
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