Victoria selling state system

Victoria hopes to raise at least (US)$6.6 billion by selling the state`s electricity system. The sale is potentially Australia`s largest privatization program. The first of five newly formed electricity distribution companies is expected to be sold this year and at least one of the five Latrobe Valley generators, according to reports in London`s Financial Times. “The whole objective is to raise sufficient money to pay off the entire debt of the old State Electricity Commission,” said Jeff Kennett, Victorian premier.