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

 

Infratil considers sale of Perth Energy

Infratil has hired Gresham Partners to advise it on the potential sale of its controlling stake in Perth Energy.

The infrastructure investor says the strategic review now underway will consider any options – including sale – that will maximise value for stakeholders. It is expected to take six months.

The proposed sale is the latest as the Wellington-based investor looks to reduce the complexity of its portfolio and recycle capital out of peripheral assets into faster-growing sectors and geographies. The firm has also been reviewing the future of its NZ Bus business.

Infratil shares rose 0.4 percent to $3.45. They have gained almost 4 percent this year.

Perth Energy supplies power and gas to about 2,500 business customers in Western Australia and also operates a 120 MW gas or diesel-fired power station at Kwinana. Infratil has been an investor since 2007.

Perth has struggled since the merger of state-owned Verve Energy and Synergy in 2014 changed the shape of the market there. It was caught with high-priced purchase arrangements and a lack of wholesale hedging options and contributed a $14.1 million operating loss for the March 2017 year.

Infratil replaced the management and halved that loss in the latest March year. In August it said it expected positive earnings from Perth in the current financial year. The firm’s generation arm continued to provide valuable peaking capacity and would benefit from the removal of some coal-fired generation there, Infratil told investors at the firm’s annual meeting.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>