Senate Environment and Communications Legislation Committee, , 6:47:32 to 6:51:53
Discussion regarding the $3 billion set aside for Western Australia under the Rewiring the Nation fund and the status of active negotiations with the WA government.
Topics: Electricity grid, Infrastructure
Speakers: Hon Sarah Henderson, Speaker 27, Speaker 30, Unknown Speaker, Interjection
Uh can I just ask about the um so how much of the deployed funding has been repaid to date under the RTN fund?
um the difference between the 2.03 and the 1.7 billion. So it's a $330 million.
>> And and which projects do they relate?
Uh, I can answer that. I just don't mind
>> And while you're um just while uh Paul's getting that number, you asked about the general portfolio rate of return.
>> Yes,
>> that's uh 4.28%.
Um, also, what is the latest retained surplus accumulated losses for the RTN?
>> Just for the RTN?
>> All right. And can I just if I can just get an answer to that and how much funding also is sitting in the RTN special account. and just sorry, just to finish this these questions, the prime minister announced CFC would set aside a $3 billion investment through RTN for Western Australia. I just keen to know how much of that $3 billion has been expended to date.
>> Yes, on on Western Australia, no funds have been committed today with Western Australia. We are in active discussions with Western Australia about a number of projects both in their southwest interconnected system and the Pilbur as well the northwest system.
>> Uh so why why has there been no funding?
>> The funding yeah the funding's available Senator the
>> No sorry the why has there been there's why there been no commitments that have flowed from that um funding? Um so for
some time now we've been working with Western Australian government around the PILAR around some particular projects up there. They had a plan have a plan for the Pilbur. I understand that that's uh currently under consideration by the Western Australian government. So as those projects get defined and we can assess them in terms of our financing, we'll take appropriate decisions at that
point. Anything further could we have on notice on the WA negotiations? If you
>> we could probably under negotiation. >> Sorry, we we probably we can't share the negotiations, but we could share what's in the public domain about the projects that are under contemplation.
>> No, I'm asking for details about what's under negotiation, please.
>> I'd have to take that on notice and I think that there's going back to where we had that other conversation, there's just risk that we can expose the Commonwealth and taxpayers. Uh, so just
going going back to the RTN special account, do you have how much is sitting in the special account?
>> Um, Senator, I don't think we've got a breakdown of uh how much is sitting actually in the special account because that's administered by the department and our commitments don't draw um, you know, until we need them. So how it works is we've got the credits sitting to our name in the special account and then when we've got a project that's that's uh being financed we we exercise a draw notice uh provide the minister and department with details necessary uh for for that and then the um the department would uh you know provide the cash necessary for us to fulfill those stages. So we don't necessarily draw for for example on Marinus link we wouldn't necessarily draw the full uh commitment on day one.
>> Well if I could just ask for that further information on notice. I've just got to finish up my
>> department because I'm not sure if it is as I say administered by the department
>> or if I could also ask for the department but if I could just ask you to take that on notice
>> that notice senator
>> along with the retained surplus accumulated losses for the RTM. >> Thank you chair.