Executives at Queensland Government-owned power assets risk losing bonuses if criteria set out under a new Electricity Maintenance Guarantee are not met.
State Treasurer David Janetzki said the five-year base $1.4 billion Electricity Maintenance Guarantee would lock in investment for maintenance of power plants and create a new framework around investment, performance, and accountability for Queensland power assets.
Treasurer Janetzki said the guarantee aimed to give the state’s power grid more reliable energy generation and put downward pressure on power prices.
“Executives at Queensland’s government-owned power companies will lose bonuses if they fail to comply with tough key performance indicators on maintenance, personal safety, process safety, and plant performance.
“Executives at Queensland’s three major energy companies pocketed over $2 million in performance bonuses over the past five years.”
Treasurer Janetzki said under the guarantee, Stanwell, CS Energy, and CleanCo would be provided with investment certainty to deliver on their five-year maintenance programs, driving the effective maintenance, safety, and long-term reliability of Queensland’s power generators.
