Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Contact Energy Announces Sale

31 August 2005

Contact Energy Announces Sale Of Valley Power Stake

Contact Energy Ltd announced today the sale of its 40 per cent shareholding in the Valley Power project, in Victoria, Australia, in conjunction with Valley Power’s co-owner, International Power and Mitsui & Co Ltd (IPM).

The sale is to Snowy Hydro, a New South Wales-based generator and retailer of electricity, for a total consideration of $A243 million.

Contact took the opportunity to realise the value of its investment in Valley Power in October 2001 by offering its 40 per cent stake for sale at the same time as IPM’s majority shareholding was placed on the market as a result of an undertaking to the Australian Competition and Consumer Commission.

“Contact is pleased with the outcome of the eight week sales process, conducted in conjunction with International Power and Mitsui & Co,” said Contact’s chief executive, Mr Steve Barrett. “This is consistent with Contact’s decision to refocus on its opportunities in the New Zealand market.”

Valley Power is a 300 megawatt fast-start power station located in the LaTrobe Valley and services peak demand in the state of Victoria. The station comprises six 50 megawatt Open Cycle Gas Turbines, running primarily on natural gas.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news