THE long-awaited $1.2 billion sale of Bluewaters Power Station has finally settled.
Griffin Coal creditors will now get an interim dividend of about 20 cents next month, according to administrators KordaMentha.
KordaMentha said creditors could expect to collect as much as 86 cents in the dollar, up from the 77 cents estimated in October, following the resolution of a series of claims on the assets of former Griffin owner Ric Stowe.
Premier Colin Barnett, in an interview with the Collie Mail yesterday, said the purchase by consortium Sumitomo and Kansai Electric provided increased certainty for Western Australia's power supply and employment and economic activity in Collie.
"After a long period of uncertainty this is a good result for the coal industry and for Collie," Mr Barnett said.
The government recently consented to arrangements which allowed rights to be given to the consortium that ensure security of its coal supply from Griffin. Mr Barnett's consent was needed for the sale to be finalised.
The settlement was made under conditions which prevent any dis-aggregation of the coal resource and operations, and preserve the minister's right to approve any future security arrangements.
Mr Barnett said the sale was good news for Collie, unlike Shadow Energy Minister Bill Johnston's recent vow to ban Verve Energy from building any more power stations.
"He said the refurbishment (of Muja AB) was stupid. I don't think Collie people would appreciate that," said Mr Barnett.
However, despite reiterating the fact that Muja could accommodate another unit, he would not make a commitment to getting the unit online.
Mr Barnett said there should be a mix of coal and gas power to have balance and create security of supply.
Collie-Preston MLA Mick Murray said Mr Johnston's comments were to entice more private enterprise into the market.
"I will take him to task if he thinks he will wind back the existing amount of power generation," Mr Murray said.
Bluewaters supplies about 10 per cent of WA's power needs.
The power stations and coal mining operations were among companies within the Devereaux Group, including Griffin Coal and Griffin Energy Group, which went into receivership in January 2010.
