The NSW government has announced that will pay up to $450 million of public money to Origin Energy to keep all four units of Australia’s largest coal power station, Eraring, open to 2027, two years beyond its planned August 2025 closure, with a potential two-year extension.

Origin, for its part, has offered to share 20 per cent of any profits, capped at $40 million per year, and in return, it socialises 80 per cent of the losses to the people of NSW, capped at $225 million per year.