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SYDNEY, July 14 Australia's New South Wales
(NSW) state government said on Monday it appointed UBS AG
and Deutsche Bank AG to study the potential
privatisation of its A$20 billion ($19 billion) electricity
The country's most populous state has been among the busiest
in a A$100 billion nationwide selldown of state-owned
infrastructure assets to pay down debt and raise cash to fund
much needed capital works.
The state has already this year sold two power stations to
Australia's second largest energy retailer AGL Energy Ltd
for A$1.5 billion. It also sold Port of Newcastle, the
world's busiest coal terminal, to Hastings Funds Management and
state-backed China Merchants for A$1.75 billion.
In a statement on Monday, NSW treasurer Andrew Constance
said UBS and Deutsche will present the government with a study
on "the best structure for the transaction" by the end of 2014.
The government then plans to take the sale to an election
scheduled for March 2015.
The government has previously said it plans to sell 49
percent of its so-called "poles and wires" business to pay for
an array of public transport improvements including a second
rail crossing for the Sydney Harbour Bridge.
($1 = 1.0645 Australian Dollars)
(Reporting by Byron Kaye; Editing by Miral Fahmy)