The NSW government has received the green light to partially privatise the NSW electricity network after the upper house of the NSW parliament passed legislation on Wednesday night.
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Premier Mike Baird, who was in the upper house for the vote, declared it a "milestone" in the history of the state.
The Legislative Council pass two privatisation bills by 19 votes to 17 at about 10.30pm on Wednesday.
"I am delighted that, a few minutes ago, the Legislative Council passed the bills to enable a 99-year lease of 49 per cent of the poles and wires," Mr Baird said.
"This ends decades of policy dithering."
The vote paves the way for the government to lease for 99 years all of transmission business Transgrid and 50.4 per cent of distributors Ausgrid and Endeavour Energy.
The legislation was opposed by Labor, the Greens and the Shooters and Fishers Party. The government was able to pass the legislation with the support of Christian Democratic Party MPs Fred Nile and Paul Green.
Mr Baird said while the passage of the bill was "a pleasing moment, the real work begins now."
"The task before the Government is to turn today's milestone into better roads and railways, new schools and hospitals, and other vital infrastructure. We relish the challenge."
Mr Baird hopes to raise $20 billion from the privatisation to spend on road, rail and other infrastructure projects.
