The Company acquired a 50% interest in ETSA Utilities, Australia in January 2000. In September 2012, ETSA Utilities changed its name to SA Power Networks. Currently, Power Assets holds a 27.93% interest in SA Power Networks.
SA Power Networks is the sole electricity distributor in the State of South Australia, Australia and serves about 800,000 customers. The principal business activities of SA Power Networks are the operation, management and administration of the electricity distribution network. The network supplies electricity to the major populated areas of South Australia except those located in remote areas which have their own generation and distribution capability. The majority of SA Power Networks' revenues is regulated by government regulations.
The Company acquired a 50 % interest in Powercor Australia in September 2000. Currently, Power Assets holds a 27.93% interest.
Powercor Australia is the largest electricity distribution company in Victoria, Australia and serves more than 680,000 customers. Powercor Australia's distribution network is the largest in Victoria which covers more than half of the State, including major industrial and growth areas in Western Melbourne and several of Victoria's largest provincial centres. The area where the distribution network is serving takes approximately one third of Victoria's population and manufacturing output. It also accounts for more than one quarter of Victoria's gross domestic product. The majority of Powercor Australia's electricity distribution revenues is regulated by government regulations.
The Company acquired a 50% interest in CitiPower in July 2002, currently, Power Assets holds a 27.93% interest.
CitiPower is one of the five electricity distributors in the State of Victoria, Australia. CitiPower's distribution network covers the Central Business District in Melbourne and its densely populated inner suburbs. Therefore, it has the highest load density in Victoria, Australia with approximately 300,000 customers. It also has a diverse customer mix, including residential, commercial, manufacturing and industrial. The majority of CitiPower's electricity distribution revenues is regulated by government regulations.
Transmission Operations (Australia) PTY LTD.
A Power Assets and Cheung Kong Infrastructure 50/50 joint venture company (Transmission Operations Australia or TOA) has been established in July 2012 for developing transmission assets in Australia. TOA has signed a contract with Mt Mercer Windfarm Pty Ltd. to take up the design, built, own and operation of a 21km transmission line and associate terminal station to transport the electricity generated from the Mt. Mercer Wind Farm in Victoria to the main power grid.