|ASX: AST SGX: X04|
|Predecessor||State Electricity Commission of Victoria|
|Ng Kee Che, Chairman|
|Products||Electricity transmission and distribution; gas distribution|
|Owner||TXU Corporation (1994?-2004)|
Singapore Power (51%) (2005-2013)
Singapore Power (31.1%), State Grid Corporation of China (19.9%) (2013-present)
|Parent||TXU Corporation (1994?-2004)|
Singapore Power (in-name) (2004-2013)
AusNet Services (previously SP AusNet) is an Australian energy company, which is listed on the Australian Securities Exchange (ASX) and the Singapore Exchange (SGX). AusNet Services is currently owned 31.1% by Singapore Power, 19.9% by State Grid Corporation of China and the other 49% is publicly owned. Singapore Power is wholly owned by Singapore investment fund Temasek which in turn is wholly owned by the Singapore government. State Grid is the state-owned electric utility monopoly of China and the largest utility company in the world.
In 2004 Singapore Power paid $US3.7 billion for TXU's entire 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 for the $7.4 billion Alinta acquisition, and during the global financial crisis 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 for A$824 million, valuing the company at A$4.1 billion.
SP AusNet changed its name to AusNet Services in August 2014, following the end of a management services agreement between Singapore Power and SP AusNet in March.
AusNet Services operates three energy networks in Victoria, Australia:
AusNet Services 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 (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.
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." Following a class action lawsuit related to that fire, in July 2014 the company announced a A$260 million legal settlement. Utility Service Providers will pay another $10 million, and the Victorian State Government a further $29 million.
In December 2014 a AU$378.6 million sum was approved by the Supreme Court of Victoria as AusNets 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. It has been noted as being "the biggest class action settlement in Australian legal history". The previous highest payout was $200 Million in Kirby v Centro Properties Limited (No 6)  FCA 650 (19 June 2012).
The fire 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. An electrical fault was recorded at 11:45. ... fatigue of the conductor strands was partly caused by the helical termination being incorrectly seated in a thimble. ... The conductor was probably 43 years old. ... A line inspection carried out in February 2008 had failed to identify the incorrectly seated helical fitting.
|volume=has extra text (help)
Electricity company AusNet has announced a $300 million settlement with the Marysville victims of the Black Saturday bushfires.
A class action will be launched in the Supreme Court today on behalf of victims of the Murrindindi bushfire on Black Saturday in 2009.
Victoria's Supreme Court has approved a $494 million payout to victims of the deadly 2009 Black Saturday bushfires, in what is considered to be the biggest class action in Australia's legal history.
At nearly $500 million, the payout is more than double the previous highest Australian class action settlement of $200 million in the Centro shareholder class action