The rats have eaten the cables at the desal plant

Inside the desalination plant.A little bird told me that rats have eaten through the electrical cabling at Victoria’s biggest white elephant, the desalination plant located in Wonthaggi, east of Melbourne.

This is hardly a surprise given that the plant has been mothballed since 2012 and it has never delivered any water.

It’s a little bit ironic that this news should emerge as Victoria experienced an enormous deluge.

But everyone knows that the embattled Water Minister (formerly Mrs Richard Marles) put in the order for a bit of water for completely political reasons – to attempt to demonstrate that the plant is not a complete dud costing more than $3 billion (nearly twice the original budget) and WE REALLY NEED IT.

SURE

The thing that really gets my goat is that the bond holders have gotten away with highway robbery with water rates inflated for water that is not even received.  The financiers completely duped the Labor government and we will be paying for this bomb for decades.

And in the meantime, the electrical cabling will have to be replaced.  No doubt, the bill will be sent to taxpayers and inflate our already excessive water bills.  Of course, union labour will be required to do the work – shall we call it triple time plus travel allowance?

 

A faulty power cable has disrupted plans to start up Victoria’s $3.5 billion desalination plant so it can deliver its first ever water order.

However Water Minister Lisa Neville promised on Friday that the 50 gigalitres of water (about a tenth of Sydney Harbour’s capacity) that is contractually due to be delivered by June 30 will still arrive on time.

The problems began on December 11, when the desalination plant started to power up to be ready to produce fresh water.

During the restart, a power cable triggered a circuit breaker, indicating that there was some fault with the cable, explained Ms Neville.

“We have a spare piece of equipment,” said Ms Neville, “but we are waiting for an investigation to be completed into what caused the circuit breaker to go off so as to avoid breaking the spare piece of equipment.”

Matthew Brassington, CEO of AquaSure, the company contracted to finance, design, build, operate and maintain the project for 30 years, estimated the investigation and replacement of the equipment would not take long.

According to Ms Neville, the start-up process would be set back by a month, from the end of January to the end of February, but said she has made it clear to AquaSure that the government expects the desalinated water to be delivered by June 30, in keeping with their contract.

The desalination plant has sat idle since it was finished in December 2012, but the Andrews government placed its first water order on March 6.

The order of 50 billion litres will see yearly household water bills rise by $12.

At the time, senior Labor MPs said with the asset sitting idle and much political goodwill lost over the construction, it was important to have the plant operating soon.

Ms Neville emphasised on Friday that the 50 gigalitres of water in this order would provide Melburnians with much-needed “water security”, given that the city’s water storages are not growing sufficiently to meet the demands of its citizens.

Yesterday’s rain had “absolutely no impact on our storages,” she said, adding that since the end of November, water storages have continually declined.

Melbourne’s water storages are currently at 71.4 percent, compared to 69 percent last year and 106 gigalitres below the level at the same time in 2014, when storages were 77.2 percent full, she said.

Melburnians are currently using 182 litres per day per person.

“Fifty gigalitres is a small security blanket,” she said, noting that it represents just 3 per cent of our city’s total water storages. Yet, she said, “it is a critical part of ensuring we have water security going forward.”

Ms Neville assured taxpayers that they would not pay more for their water bills until the desalination water flows, saying the government has made clear to water retailers that they must not hike prices in the interim.

“Daniel Andrews sat around the cabinet table when the decision was made to waste $24 billion on a desal plant we do not need and now does not work,” said Shadow Minister for Water Peter Walsh.

“Only a Labor Government would condemn our children and grandchildren to pay off a $24 billion desal white elephant we cannot use and do not need.”

This entry was posted in Uncategorized. Bookmark the permalink.

62 Responses to The rats have eaten the cables at the desal plant

  1. min

    I had heard via my son who has a connection with a maintenance worker that the pipes have rusted.

  2. Confused Old Misfit

    It makes one want to cry. Cry at the lies that the people have been told. Cry at the complete self serving action of politicians, of any stripe. Just cry.

  3. H B Bear

    Democracy. Good and hard.

  4. H B Bear

    Trying to work out what is worse – being a member of the worst Victoriastani government since Mother Russia sent the place to the wall or being the ex-Mrs Richard Marles.

    Both sad.

  5. Dr Faustus

    Ms Neville assured taxpayers that they would not pay more for their water bills until the desalination water flows, saying the government has made clear to water retailers that they must not hike prices in the interim.

    Poliwaffle for: “the water price hike will now be at the end of February“.

  6. curious george

    “We have a spare piece of equipment,” said Ms Neville, “but we are waiting for an investigation to be completed into what caused the circuit breaker to go off so as to avoid breaking the spare piece of equipment.”

    Just like the female driver of a car getting a “quote” for repairs at a dodgy bros shop.
    Except that this female has the taxpayers credit card at her disposal.

  7. Slayer of Memes

    Yesterday’s rain had “absolutely no impact on our storages,” she said

    Given that it takes, on average, 48 hours for any increase due to rainfall to make its way through the river system and into the storage dams, I think she may have been a little premature in making that bold claim.

    Indeed a glance at the Melbourne Water homepage shows that some 853ML have flown into the dam network in the past 24 hours and that, given many of the rivers are still yet to return to normal levels after the influx, the same amount (or more) is expected to flow from the catchments and into the storages over the weekend.

    But then again, like any good Leftie, Mz Neville never lets the facts get in the way of a good ideological lie.

  8. ar

    This massive white elephant kept Labor out of office for about 4 years.

  9. Tel

    Democracy. Good and hard.

    I should get than on a T Shirt.

  10. Rabz

    LOL – so they were looking for an excuse to finally use the disgraceful white elephant (so as to further do over taxpayers) and then discovered they couldn’t.

    Beyond parody.

  11. the sting

    Please Judith follow the money, I believe you will find some former Labor MPs, their families and mates laughing all the way to the bank.

  12. john constantine

    Their crony socialists make even more money when their mafia made monstrosity break

    Now they have a desal plant, they will have to do a mass importation of clients to soak up all the capacity.

    What could be more perfect than social justice water, desalinised from the ocean which is topped up by the fresh water that enviromentally flows in a socially just fashion down victorias unused rivers down to the sunless sea.?.

    Of course, they can improve on perfection, when they dynamite the coal fired plants and do social justice desal water made with social justice electricity from windmills.

    We must mock obsolete and deplorable Australia that raped the planet by harnessing rivers to make hydroelectricity and deliver usable fresh water using gravity.

    It is pure social justice to blow up the dams, stop the hydro, dump the fresh water into the ocean, then give crony socialism the contracts to build windmills to desal the sea. [shut down the alcoa refinery so the power can be used to make social justice water.]

  13. john constantine

    Their yarragrad Nazgul can win an election by dynamiting coal power, banning gas exploration, giving their kleptocracy contracts to do windmills, the windmills can desal water and pump it up the north south pipeline backwards over the Great dividing range, so that social justice enviromental flows can run fresh river water down into the sea.

    Shut down industry that uses power so that social justice engineering doesn’t have to compete for rationed electricity.

    Their media cheerlead the way all this makes them feel, there are no facts, there is no truth, there is only waleed the denouncer shutting down deniers of the wonders of our social justice aristocracy.

    It isn’t corrupt when the right sort do it.

  14. min

    Desal plant needs lots of electricity what happens when Hazelwood is shut down? Rusty pipes and rat chewed wires what a disaster , will it ever work? I hope this the final nail in Andrews And Labor government.

  15. Zyconoclast

    At least it’s cheaper than the NBN.

  16. john constantine

    If the proles complain too much, their satrap andrews will just sign contracts with their cronies to build another one.

  17. Jannie

    At least it provides a good example of the pointless and idiotic, and the Cost of government enterprise, in the thrall of the green left. Its operations will provide plenty of hilarious opportunity to focus on their stupidity.

    I reckon if you costed out the price of this water per litre, it would be cheaper to import Perrier water.

  18. 132andBush

    A Royal commission should be held into who indirectly profited.

    Charges should be laid and people locked up for a very long time.

  19. iain russell

    Agree absolutely with 132andBush re RC. Into this and the other money making machines for the CFMEU, The Filth and all their stinking bagmen and catamites.

  20. iain russell

    If you get my drift.

  21. pbw

    What’s the carbon footprint of this water?

  22. JohnA

    “We have a spare piece of equipment,” said Ms Neville, “but we are waiting for an investigation to be completed into what caused the circuit breaker to go off so as to avoid breaking the spare piece of equipment.”

    Minister, the purpose of a circuit breaker is to PROTECT vital equipment from damage. If you continue to speak out of ignorance in this way, I will have to draw the logical conclusion that YOU are the spare piece.

  23. classical_hero

    Does that mean the CMFEU chewed through the cables?

  24. john constantine

    It all works exactly as designed.

    An industrial and efficient way to eternally transfer wealth and resources from the despised and deplorable proles to our new social justice aristocracy. The wealth transfer cannot be stopped by the proles voting in a democracy, the wealth transfer cannot be stopped by the proles using the legal system to attempt to escape being downtrodden.

    The squandering continues eternally, “there is no way back”.

    All hail our social justice overlords, der reich vill last vun tousan’ years.

  25. In Servitor

    Folks, I have to say this desal debacle is the least of our worries. I am more afraid for our own safety and security, when I learn about the coppers turning a blind eye to bong-smoking knuckleheads in our parks and the weak-willed judiciary releasing thugs to roam our streets! Counting the days until our next election!!

  26. The BigBlueCat

    JohnA
    #2248316, posted on December 31, 2016 at 12:01 am
    Minister, the purpose of a circuit breaker is to PROTECT vital equipment from damage. If you continue to speak out of ignorance in this way, I will have to draw the logical conclusion that YOU are the spare piece.

    Except it seems that none of the desalination plant is, in fact, vital … but I agree that Ms Neville is surplus to requirements.

  27. Muddy

    The rats have eaten the cables
    and there’s a rabid ferret in the trouser pocket of every citizen.
    But do not despair, for the gubbermint will sell you a protective cup
    for only sixteen easy payments of $199.99.

  28. Muddy

    Oh, and you cannot legally remove the ferret unless you have a special exemption. Illegal ferret removalists will be prosecuted using the full force of ASIO, the Feds, and the ALPBC.
    Just making this clear for the far-right radical extremists out there considering premature ferret ejection.

  29. JohnA

    The BigBlueCat #2248418, posted on December 31, 2016, at 9:52 am

    Except it seems that none of the desalination plant is, in fact, vital …

    Ah, my apologies for injecting logic above and beyond what was necessary to this discussion.

  30. entropy

    The rats have eaten the cables

    A metaphor for the political class and what it has done to this country

  31. Robbo

    Which idiot in the Labor Party thought it was a good idea to make Lisa Neville a Minister? Oh it was Daniel Andrews, now I understand.

  32. Dr Fred Lenin

    Elect a Real government of non career pepole bring in retro legistlation breaking the contract. Then compel bondholders to demolish this thing -and restore the site to its original form on pain of long k]jail time . Cut all subsidies to “renewables” then force windpower owners to refund subsidies and remae eyesores on pain of long jsil time . Then put four inmates to a present day one man cell ,to accomodate the pollies and green scammers . You would find this a miracle cure for u.n.tax syndrome ,the elites hate losing the money they stole ,

  33. Myrddin Seren

    What the sting said:

    Please Judith follow the money, I believe you will find some former Labor MPs, their families and mates laughing all the way to the bank.

    Pretty much all Labor infrastructure projects, doubtless including the NBN, are slush funds for Maaates Inc.

    The continuously increasing bills for consumers and taxpayers are Australia’s Corruption Tax.

    As john constantine notes – the Corruption Taxes are locked in and will continue until the proles are bled dry.

  34. dan

    Given that it takes, on average, 48 hours for any increase due to rainfall to make its way through the river system and into the storage dams, I think she may have been a little premature in making that bold claim

    I know nothing particular about water but instantly had a WTF moment when they claimed the downpour hadn’t magically made the lakes get higher within 12-24 hours. Clearly the dams aren’t solely reliant on water literally falling into them. Nothing but lies.

  35. braddles

    Neville is correct about the lack of effect on water storage. As it happened, the downpour mostly missed Melbourne’s dams, which got maybe 5 mm, whereas we got more like 70 mm in the northern suburbs. After a dryish December, 5 mm will soak into the soil and not reach storage.

  36. Ragu

    Just watching the BOM radar these past few months and reading the observations of Victorians on this site, apparently it’s been pissing down up there since October.

    So why did the government decide, at this month, to dial up the de-sal plant?

    Seems to me that the owners leant on Dan the Vicco Man to get a little bit of extra coin to pay for the maintenance.

  37. John64

    So why did the government decide, at this month, to dial up the de-sal plant?

    Rainfall was below average during The first half of 2016 in Victoriastan. IIRC the order for water was placed in May when storage levels had dropped to around 60%.

    Of course the Gods have a way of mocking idiots such as this and it started raining in September and, apart from a dry start to December, hasn’t stopped since. September was a near record inflow month for Melbourne’s reservoirs. As of yesterday they are 71.4% full – exactly the same as at the end of 2015 – without one drop of totally unneeded desalinated water.

    Unbelievably, the Wonthaggi White Elephant has been in pre startup phase for six months. The reports of rodent damaged electrical cabling seem to be absolutely true (with all those CFMEU wuk as with bugger all to do, you would have thought they would have had time to regularly bait the joint with Ratsak). There are also rumours of rusted up valves and pipes.

  38. Ragu

    There are also rumours of rusted up valves and pipes.

    This is what puzzles me; wouldn’t the whole thing be built with a steel that doesn’t rust? You know, beccause you want to avoid any sort of contamination in your drinking water.

  39. memoryvault

    This is what puzzles me; wouldn’t the whole thing be built with a steel that doesn’t rust?

    The entire inlet side of the plant is sea (salt) water. Sea water will corrode just about anything, given time and a lack of maintenance.

  40. John64

    The entire inlet side of the plant is sea (salt) water. Sea water will corrode just about anything, given time and a lack of maintenance.

    It’s hard to know where the scandal ends with the Womthaggi White Elephant. Aquasure are being paid $1 million per day to have the desal plant “on maintenance” and ready to go whenever an order for desalinated water is received. By my calculation, that’s around $1.2 billion since the Desal plant was handed over to the operator.

    You’d reckon $1 million per day would cover a few wukkas spinning valves on a regular basis, as well as a few packets of Ratsak.

  41. john constantine

    This is a simply magnificent ediface, a timeless memorial, a veritable Taj Mahal to ensure the eternal memory of their yarragrad Kleptocracy.

    To so simply and efficiently transmute the untouchable principles of social justice into cold, hard cash is one of the wonders of the world, to have it function as an eternal perpetual motion machine, moving wealth from the proles pockets to the money bins of their Kleptocracy even when it is broken down, that right there tells us all we need to know about how social justice works at its cold, dead core.

    Pick off the scab, and it is teeming with filthorcs all the way down.

  42. Beachside

    Why is the Andrews government ordering water from AquaSure’s desalination plant at Wonthaggi when there is no water shortage likely and, even if there were, cheaper alternatives are available?

    Under the terms of the contract, the government is paying AquaSure $640 million a year, or $1.8 million a day, to keep the plant operational if needed.

    The order of 50 billion litres for 2016-17 seems without rhyme or reason. It will increase the cost to Melbourne Water users by $200,000 a day to about $670 million a year.

    According to Dr Peter Coombes, managing director of the Sydney based Urban Water Cycle Solutions, over the past decade Melbourne Water’s operating costs per household have increased 76 per cent compared to 10 per cent in Sydney, thanks to Melbourne adopting the desalination option. Sydney emphasises solutions such as efficient water use and rainwater harvesting.

    Billions of dollars of infrastructure spending is being forgone in order to finance the biggest white elephant in Australia’s history.

    To add unnecessarily to the burden by ordering water seems beyond belief, especially as the plant is not fit for purpose. The high-voltage, underground, 87-kilometre cable from the LaTrobe brown coal thermal power stations, is unserviceable. This calls into question the legitimacy of the contract.

    I submitted a series of questions to Water Minister Lisa Neville that centred on why Melbourne Water (which buys water generated by the plant) was being held responsible for recommending the purchase, rather than the government.

    I asked what had changed since 2007 when Melbourne Water favoured cheaper options – such as building extra dam capacity on the Macalister or Mitchell rivers, or recycling, or regulating demand – rather than building the desalination plant.

    So what had changed, I asked – apart from John Thwaites, the former Labor government water minister, now being chairman of Melbourne Water.

    The reply came from a senior media advisor in the Premier’s Office who said it could be attributed to a spokesperson for the Water Minister. It said: “I would refer you to the independent advice to the government on the Melbourne Water website.”

    Nowhere on the website did I find a clear unequivocal statement saying Melbourne Water had recommended the purchase of the water, backed up by explicit reasons.

    I did find a claim that the capital cost of the plant was $3.5 billion, which invites the reader to assume that the weighted average cost of capital in the project is 18.2 per cent, based on the annual payments.

    This is misleading. Given the project has financing costs built into the capital cost of the plant of $2.2 billion to give a total at completion of $5.7 billion, this gives a weighted cost of capital of 10.5 per cent, which is still close to three-times the cost of financing the project with public debt.

    A rational, simple and honest test of whether we need to buy water from the desalination plant next year is to ask whether we need the additional water, whether there are cheaper alternatives, and, even on the worst assumptions, whether there is time to put the cheaper alternatives in place.

    But what we get from Melbourne Water is “water advice principles” and an explanation as to why the “advice” of a desalination order of 50 billion litres “best satisfied” the principles. This is not quite the same thing as recommending the purchase.

    How could it, when the storage records show a long-term annual average inflow of 615 billion litres between 1913 to 2013 and 520 billion litres between 2010 to 2015?

    Melbourne Water picked out the worst run of figures, between 1997 and 2009, with an average annual inflow of 376 billion litres. But it didn’t point out that, together with the existing reservoir storage levels of 1137 billion litres, this drought-affected average provides enough water to last more than 20 years before the dams become unusable – four times the time needed to build a dam!

    Why have the Brumby, Baillieu, Napthine and now Andrews governments walked away from opportunities to refinance or cancel this odious contract?

    The order for water can only logically be seen as contrivance for the government, through water users, to pay for repairs to the desalination plant – rather than AquaSure. What is going on?

    Kenneth Davidson is a senior columnist with The Age.

  43. john constantine

    If their feckless viclibs could only run an idea past the public like:

    “Their labor mates desal plant isn’t working, so instead of the vicco proles having to pay an extra fine to fix it, the labor mates get no money until it works, and have to pay back the money they took under false pretenses when they lied and said the plant was being maintained.”

    Feckless fucking viclibs.

  44. john constantine

    What are the rates on the desal plant?.

    Trump would put them up to half a billion dollars a year, take it or leave it.

  45. Ragu

    There is such a thing as marine grade stainless.

  46. Ragu

    It’s a big fucking lie.

    What out lasts the usefulness of the plant are the osmosis units.

  47. Ragu

    I would refer you to the independent advice to the government on the Melbourne Water website.”

    This is government does nowadays, handball to an enquiry. It’s blooody pathetic, but understandable because nobody, absolutely no one, is capable of thinking through a thought.

  48. Michael Cunningham aka Faustino aka Genghis Cunn

    The most amazing thing about the desal plants built in several states and unused is that the decision was in response to scary nonsense spouted by Tim Flannery, a mammalogist and palaeontologist with no expertise whatsoever in climate or rainfall patterns. And yet those who had the plants built continued to get into government.

  49. John64

    To add unnecessarily to the burden by ordering water seems beyond belief, especially as the plant is not fit for purpose. The high-voltage, underground, 87-kilometre cable from the LaTrobe brown coal thermal power stations, is unserviceable. This calls into question the legitimacy of the contract.

    So the social justice water is not powered by social justice electricity?

    Sadly the Wothaggi White Elephant has serious competition for the title of Australia’s biggest white elephant. By the time it’s completed, I reckon the NBN might be the daddy of them all.

    I’m presently in the Snowy Mountains – a reminder of the days when this country could do big infrastructure properly; on time, under budget and still delivering half a century later.

  50. memoryvault

    There is such a thing as marine grade stainless.

    Which will end up clogged beyond use with marine organisms within eighteen months without regular maintenance, backflushing and scouring. Which is why there is no such thing as a cost-effective wave or tide power generator.

  51. Ragu

    clogged beyond use with marine organisms

    Which is very different from ‘rusted up pipes’

    I’m not having a go at you, the reason given doesn’t match reality

  52. Ragu

    At the end of the day, some arsehole at the company in question has told a minister that knows nothing about anything that ‘oh yea, pipes are rusted’ and the MP believed it.

    Why?

    because the company needs money for maintenance. It ain’t the pipes, it’s the osmosis units that have a very definite lifetime, and they need changing. Furthermore, because the plant has not been operating, there is no money to pay for the basic maintenance.

    The entire thing is a WOFTAM

  53. memoryvault

    I’m not having a go at you, the reason given doesn’t match reality

    I’m not having a go at you, either, Ragu.
    You are right. The reason doesn’t match the reality.
    I think they are frantically casting about for one that does, that lays the blame elsewhere.
    So far we’ve had rats.
    Then rusty pipes and valves.
    Now it’s the underground power cable.

  54. memoryvault

    Furthermore, because the plant has not been operating, there is no money to pay for the basic maintenance.

    Almost all correct except for the above bit. The money was there alright.
    $640 million a year paid for maintenance.
    The problem is the money paid was obviously never spent on maintenance.

  55. Beachside

    It gets worse

    Victoria’s desalination plant to take 33 extra years to pay off under Melbourne Water plan

    Victorians have been asked to consider a Melbourne Water proposal which would see the state’s desalination plant take an extra 33 years to pay off.

    The proposal would see the $18 billion bill spread out over 60 years, rather than the 27 years in the current contract.

    It would initially reduce water bills by up to $11 a year, but would cost longer in the long run due to borrowing costs.

    The desalination plant commissioned by the Bracks’ Labor Government, came into service in late 2012.

    Victorian Water minister Lisa Neville would not say whether she supported the proposal, as water pricing is set by the independent Essential Services Commission.

    “In this case as part of the review of Melbourne Water pricing, they have asked Melbourne Water to have a look at both the risks and the benefits that are involved in spreading the costs of the desal over a longer period,” she said.

    “Victorians, particularly those who utilise Melbourne Water, can have a say about what works best for them in the short and the longer term, and how we best fund water infrastructure going forward.”

    According to the price review, published on Melbourne Water’s website, the company is required to pay around $620 million per annum over the next five years of the 27-year contracted payment period.

    “Melbourne Water collects revenue through our wholesale water prices to pay this cost,” the proposal said.

    Victoria’s opposition spokesman for water Peter Walsh said the move would cost the public more in the long run by shifting the cost to future generations.

    “This prolongs the debt, increases the amount of payments that will be made because of the additional interest charges. It means that our children’s children will be paying for this white elephant,” he said.

    “The Labor Government built this plant when they were last in office, the deal was over 27 years, if the payments are extended, obviously it will cost more over the life of the contract because of additional interest charges.”

    The final decision on the proposal will be made by the Essential Services Commission in October.

    From Aquasure’s website:

    Following a highly competitive tender process AquaSure was contracted by the Victorian State Government to finance, design, build, operate and maintain the Victorian Desalination Plant. At the end of the 30-year contract period the VDP will be handed back to the government, debt free and in full working order.

    The Andrews CFMEU government has extended contract by another 33 years
    The Wonthaggi Desal Plant (White Elephant) that was originally contracted to be handed back to the State in 2039, will now be handed back in 2075 !!!

    The Andrews CFMEU government in October 2015 agreed (buckled?) to Aquasure (demands?) to exercise a pre-existing option in the (poorly negotiated) contract to extened it by a further 33 years. WHY??

    The option to extend should have been looked at closer to the end of the initial contract period, thus taking into account Aquasure’s past performance, delivery, cost/benefit analysis in the operation of the state asset during the initial term of the contract, before negotiating any further extension and what it would cost.

    There is something very fishy going on in the once great, State of Victoria.

    The VDP is a state asset for the long-term, operated in a stable and environmentally responsible manner. AquaSure and its contractors are committed to ensuring the optimal performance of the project throughout the 27 year operating concession period, and to providing value for money for the State. [bold added]

    By the time Andrews’ CFMEU Labor government is thrown out, two of Victoria’s most essential services, ie electricity supply will look like Mainland Tasmania’s, and water supply costs will be the highest in the country. Though Aquasure and the Big Wind renewables lobbyists, rent-seekers and carptebaggers will be laughing all the way to the bank.

  56. Pat Warnock

    I think the rats are running Victoria – one bad news story after another.

  57. Greg Ettridge

    Looks like the rats don’t have to pay their fair share of tax either!
    Recent figures published by ATO on turnover and no tax paid, that’s zero for 2014/2015.
    AQUASURE FINANCE PTY LTD Turnover 35136072627 Taxable income 346,602,749 tax paid $0
    AQUASURE HOLDINGS PTY LTD Turnover 46135956053 Taxable income 312,209,352 tax paid $0
    Surely they deserve another several decades to purge the ratepayers of Melbourne.

  58. Beachside

    Tertiary education workers biggest winners from Victoria desalination start

    None of the shareholders in Aquasure would comment on Monday, with one telling Fairfax Media that they were bound by the Victorian government not to discuss the desalination plant publicly.

    UniSuper Investments
    Key statistics
    Asset Information Value
    Investment commitment date 2009
    Completion date Dec 2012
    Term (from financial close) 30 years

    UniSuper board seats 4 (of 15)

    Ownership

    aquasure-ownership

    Unisuper 26%
    Other investors 74%

    Investment highlights

    The revenue streams on this project feature an availability based Public Private Partnership (PPP) payment from the Victorian State Government (so equity investors effectively do not bear demand risk), which is subject to government credit risk (the state has a AAA/Aaa credit rating). The payment stream is also subject to the ability of the design and construction, and facilities management contractors, to deliver and maintain the asset.

    Strong expected investment returns, reputable project partners—including experienced global water operator Suez Degremont—UniSuper’s strong (26%) equity interest and significant board influence, and the project’s sustainable environmental practices, all contribute to the attractiveness of this investment.

  59. Perfidious Albino

    I’m pretty sure I recall reading an article earlier last year suggesting that the timing of the water supply request from the Desal plant also conveniently corresponded with the owner syndicate’s imminent need to refinance their debt…

    Anyway, the whole thing stinks.

Comments are closed.