❓ Hon Dr Steve Thomas questions the Minister for Energy regarding the rationale behind Synergy's $773.7 million accounting reversal, specifically seeking details on contractual changes and renegotiations. The Minister provides limited information, citing commercial sensitivity.
AnsweredQoN 1376Legislative Council
QuestionView source ↗
SYNERGY — OPERATING SURPLUS
1376. Hon Dr STEVE THOMAS to the parliamentary secretary
representing the Minister for Energy:
I refer to question
without notice 1211 on 16 October highlighting Synergy's stunning
accounting reversal of the onerous $773.7 million booked impairment in the 2023–24
Annual report on state finances .
(1)
What were the specific changes to the contractual assumptions underpinning the
contracts that initiated and underpinned the rationale for the $773.7 million
accounting reversal?
(2) How many
Synergy contracts under the reversal umbrella were renegotiated and on what
dates?
(3)
What is the timeframe of service provided associated with each renegotiated
contract under the reversal umbrella?
(4)
Was any government agency, department or entity such as the State Solicitor's
Office party to the contractual renegotiations?
(5) If yes to (4),
will the minister detail relevant participants?
1376. Hon Dr STEVE THOMAS to the parliamentary secretary
representing the Minister for Energy:
I refer to question
without notice 1211 on 16 October highlighting Synergy's stunning
accounting reversal of the onerous $773.7 million booked impairment in the 2023–24
Annual report on state finances .
(1)
What were the specific changes to the contractual assumptions underpinning the
contracts that initiated and underpinned the rationale for the $773.7 million
accounting reversal?
(2) How many
Synergy contracts under the reversal umbrella were renegotiated and on what
dates?
(3)
What is the timeframe of service provided associated with each renegotiated
contract under the reversal umbrella?
(4)
Was any government agency, department or entity such as the State Solicitor's
Office party to the contractual renegotiations?
(5) If yes to (4),
will the minister detail relevant participants?
AnswerView source ↗
I thank the
honourable member for some notice of a very similar question to one that he has
asked before. I provide the following answer on behalf of the Minister for
Energy.
(1)
The movement in the onerous contracts provision incorporates updated future
pricing assumptions, volume assumptions and macroeconomic factors such as
indexation and discount rate projections.
(2)–(3) Releasing this information could lead to
identifying the counterparties, which could have an adverse impact on
the negotiation of future contracts.
(4) No.
(5) Not applicable.
Hon Dr Steve Thomas interjected.
The PRESIDENT : Order!
honourable member for some notice of a very similar question to one that he has
asked before. I provide the following answer on behalf of the Minister for
Energy.
(1)
The movement in the onerous contracts provision incorporates updated future
pricing assumptions, volume assumptions and macroeconomic factors such as
indexation and discount rate projections.
(2)–(3) Releasing this information could lead to
identifying the counterparties, which could have an adverse impact on
the negotiation of future contracts.
(4) No.
(5) Not applicable.
Hon Dr Steve Thomas interjected.
The PRESIDENT : Order!
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