In November 2015, the NSW government sold the old, coal-fired Vales Point Power Station for $1 million, about the price of an average Sydney home.
Then-NSW treasurer Gladys Berejiklian said it would save the taxpayer from "ongoing losses" and "significant liabilities, such as costs associated with decommissioning, estimated to be in the tens of millions".
Fast forward two years.
As wholesale electricity prices soar, the plant has been revalued at $730 million and the two owners have pocketed nearly $40 million in profit.
In perfect synergy, one of the owners, Trevor St Baker, also controls ERM Power Limited, which purchases power from Vales Point and supplies the NSW government with electricity.
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