CLP scores in Australia

Hong Kong''s largest power group buys some of the assets it missed out on first time round, when Singapore Power bought TXU''s Australian business last year.

CLP yesterday announced that it had agreed to pay Singapore Power A$2.128 billion $1.57 billion for a collection of five assets, that Singapore Power had acquired last year when it bought TXU's Australian power business.

CLP will now take ownership of two core assets consisting of a 1.1 million customer electricity and gas retail business in Victoria and South Australia, and a 1,280MW gas-fired base load generator in South Australia. It will also buy three more strategic assets the Iona gas storage and processing facility the EcoGen Master Hedge Agreement with Babcock Brown, which guarantees a maximum pool price of A$40 per MWH and a one-third share of the...

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