AusNet (previously SP AusNet) is an Australian energy delivery services business, owning and operating more than $13 billion of electricity and gas network assets. Formerly listed on the
Australian Securities Exchange
Australian Securities Exchange Ltd (ASX) is an Australian public company that operates Australia's primary Exchange (organized market), securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or c ...
(ASX) and the
Singapore Exchange
Singapore Exchange Limited (SGX Group) is a Singapore-based exchange conglomerate, operating Equity (finance), equity, fixed income, currency and commodity markets. It provides a range of listing, trading, clearing, settlement, depository and ...
(SGX), it is a subsidiary of
Brookfield Asset Management
History
In 2004 Singapore Power paid US$3.7 billion for
TXU's Australian energy portfolio, and in 2005 resold power generation and retailing assets in the TXU portfolio to Hong Kong–based
CLP Group for about $2.2 billion.
Later in 2005, it publicly floated the business as SP AusNet, and selling 49% of the remaining assets for about $1 billion to the public, while retaining a 51% stake. In 2007, it joined with
Babcock & Brown
Babcock & Brown LP (B&B) was a global investment and advisory firm, established in 1977, based in Sydney, Australia, that went into liquidation in 2009.
Babcock & Brown Securities LLC is an active investment banking firm focused on equipment an ...
for the $7.4 billion
Alinta acquisition, and during the
Great Recession
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. that year, it tried but failed to sell the Alinta assets into SP AusNet.
[
In May 2013, Singapore Power sold 19.9% of its 51% stake in the company to ]State Grid Corporation of China
The State Grid Corporation of China (SGCC), commonly known as the State Grid, is a Chinese state-owned electric utility corporation. It is the largest utility company in the world. , State Grid is the world's third largest company overall by re ...
for A$824 million,[ valuing the company at A$4.1 billion.
SP AusNet changed its name to AusNet in August 2014, following the end of a management services agreement between Singapore Power and SP AusNet in March.
In February 2022, AusNet was taken private after a successful 2021 bid from Brookfield Asset Management with a number of Australian and Canadian pension funds as co-investors.]
Operations
AusNet operates three energy networks in Victoria, Australia:electric transmission
Electricity is the set of physical phenomena associated with the presence and motion of matter possessing an electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described by Maxwel ...
network in Victoria (66 kV and above)
* low voltage and medium voltage electric distribution network in Victoria (22 kV and below) (one of five electricity distributors in Victoria, covering eastern Victoria and eastern/northeastern suburbs of Melbourne)
* gas distribution network in Victoria (one of three gas distributors in Victoria).
AusNet is the manager and operator of the high voltage electricity transmission network in Victoria, and is the sole transmission network service provider (TNSP) in Victoria in the National Electricity Market
The National Electricity Market (NEM) is an arrangement in Australia's electricity sector for the connection of the electricity transmission grids of the eastern and southern Australia states and territories to create a cross-state wholesale ele ...
(NEM). It is a party in the Australian Energy Regulator's (AER) revenue proposal process, where submissions of TNSPs, the AER and other interested parties are used to set the maximum allowable revenue (MAR) for TNSPs for a five-year period.
Its commercial business Mondo provides a range of services and solutions to enable community energy hubs and solar mini grids.
Legal issues
The 2009 Victorian Bushfires Royal Commission found that the Kilmore East part of the February 2009 Black Saturday bushfires in Victoria "started after the conductor between poles 38 and 39 failed and the live conductor came into contact with a cable stay supporting pole 38. This contact caused arcing that ignited vegetation near the base of pole 38."class action
A class action is a form of lawsuit.
Class Action may also refer to:
* ''Class Action'' (film), 1991, starring Gene Hackman and Mary Elizabeth Mastrantonio
* Class Action (band), a garage house band
* "Class Action" (''Teenage Robot''), a 2002 e ...
lawsuit related to that fire, in July 2014 the company announced a legal settlement. Utility Service Providers will pay another $10 million, and the Government of Victoria
The Victoria State Government, also referred to as the Victorian Government, is the Executive (government), executive government of the Australian state of Victoria (Australia), Victoria.
As a parliamentary system, parliamentary constitutiona ...
a further $29 million.Supreme Court of Victoria
The Supreme Court of Victoria is the highest court in the Australian state of Victoria. Founded in 1852, it is a superior court of common law and equity, with unlimited and inherent jurisdiction within the state.
The Supreme Court compri ...
as AusNet's part of a $494 million settlement of a second class action. Utility Services Corporation Ltd will also pay $12.5 million, and the Victorian Government $103.6 million.
References
External links
*
AusNet Network Map
{{Energy in Victoria, state=collapsed
Companies based in Melbourne
Companies formerly listed on the Australian Securities Exchange
Companies formerly listed on the Singapore Exchange
Electric power transmission system operators in Australia
Energy in Victoria (state)
Former dual-listed companies