Herbert Smith Freehills Advises Ifm Investors on the Sale of Ecogen to Energyaustralia

Total Page：16

File Type：pdf, Size：1020Kb

HERBERT SMITH FREEHILLS ADVISES IFM INVESTORS ON THE SALE OF ECOGEN TO ENERGYAUSTRALIA 03 April 2018 | Australia, Asia Paciﬁc Deals and cases Herbert Smith Freehills has advised IFM Investors on the sale of Ecogen to EnergyAustralia for an enterprise value of A$205 million. Ecogen is the owner and operator of the 510MW Newport power station and 440MW Jeeralang power station, both located in Victoria. The two power stations provide peaking and intermediate-load generation and account for around 9% of Victoria’s generation capacity. Since 1999 they have been operated by Ecogen under a Master Hedge Agreement with EnergyAustralia and its predecessors. The Master Hedge Agreement is due to expire in 2019. IFM Investors acquired its initial interest in Ecogen in 2003, and took 100% control in 2008. IFM Investors’ head of global infrastructure, Kyle Mangini, has noted that Ecogen has provided an equity return in excess of 12% over the life of the IFM investment. The Herbert Smith Freehills team was led by partner David Ryan, with assistance from partners Nick Baker, Robert Nicholson, Miles Wadley and Matthew Bull, senior associate Bailee Walker and lawyers Kai Ito, Michael Trent and Dinisi Sirimanne. David Ryan commented: “There is ongoing uncertainty in the Australian electricity and gas markets. Following expiry of the Master Hedge Agreement in 2019, the merchant electricity and gas exposure of the Ecogen asset would have less of a strategic ﬁt for an infrastructure investor such as IFM. It is an opportune time for IFM to exit its successful investment in Ecogen. As always, it has been a pleasure working with the IFM Investors team.” IFM Investors was also advised by Lazard and PwC and EnergyAustralia was advised by Morgan Stanley and Ashurst. The IFM Investors team was run by Michael Landman and David Stegehuis, with Sharon Michael, Paul Tempone and John O’Grady. MEDIA CONTACT For further information on this news article, please contact: KELLY MURRAY, EXTERNAL COMMUNICATIONS LEAD SYDNEY Tel: +61 2 9322 4472 Email: [email protected] © HERBERT SMITH FREEHILLS LLP 2021.

Copy Link

Recommended publications

State Electricity Commission of Victoria Fifty-Seventh Annual Report
1976 VICTORIA STATE ELECTRICITY COMMISSION OF VICTORIA FIFTY-SEVENTH ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 30TH JUNE, 1976 TOGETHER WITH APPENDICES PRESENTED TO PARLIAMENT PURSUANT TO SECTION 82 (b) OF STATE ELECTRICITY COMMISSION ACT No. 6377. By Authon/y: C. H. RlXON, GOVERNMENT PRINTER, ~lELBOURNE. No. 44.-1l818f76.-PRICE $1·20 ,~ ~~~~ SEC STATE ELECTRICITY COMMISSION OF VICTORIA FIFTY SEVENTH REPORT 1975-1976 CONTENTS Page Page The State Electricity Commission of Victoria 5 Brown Coal Development 18 Statement of Commission Objectives 5 Brown Coal Production 18 Summary of Activities 6 Morwell Open Cut 18 Annual Report 7 Yallourn Open Cut 18 Business Result~ 9 Lay Yang Open Cut 18 Major Capital Works 14 Review of Major Activities 19 Newport Power Station 14 Marketing and Distribution 19 Development Program 15 Yallourn Township 22 Yallourn W Power Station 15 New Legislation 22 - Lay Yang Project 15 Scientific Research 22 Dartmouth Hydro-electric Project 15 Publi c Safety and Other Regulatory Responsibilities 22 Transmission & Distribution System 16 Commissioners 23 Electricity Production 17 Personnel and Organisa tion 23 North The Loy Yang project will be the Commission·s largest development yet undertaken. Legislation to authorise the project is now before Parliament. In its Progress Report . the Parliamentary Public Works Committee which conducted a public enquiry has recommended that the Government authorise the Commission to proceed with plann ing. The project will involve the development of an open cut on the Loy Yang Brown Coal field and the construction of a 4000 MW power generating station adjacent to and south of the open cut. together with ancillary works.
[Show full text]
State of the Energy Market 2011
state of the energy market 2011 AUSTRALIAN ENERGY REGULATOR state of the energy market 2011 AUSTRALIAN ENERGY REGULATOR Australian Energy Regulator Level 35, The Tower, 360 Elizabeth Street, Melbourne Central, Melbourne, Victoria 3000 Email: [email protected] Website: www.aer.gov.au ISBN 978 1 921964 05 3 First published by the Australian Competition and Consumer Commission 2011 10 9 8 7 6 5 4 3 2 1 © Commonwealth of Australia 2011 This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part may be reproduced without prior written permission from the Australian Competition and Consumer Commission. Requests and inquiries concerning reproduction and rights should be addressed to the Director Publishing, ACCC, GPO Box 3131, Canberra ACT 2601, or [email protected]. ACKNOWLEDGEMENTS This report was prepared by the Australian Energy Regulator. The AER gratefully acknowledges the following corporations and government agencies that have contributed to this report: Australian Bureau of Statistics; Australian Energy Market Operator; d-cyphaTrade; Department of Resources, Energy and Tourism (Cwlth); EnergyQuest; Essential Services Commission (Victoria); Essential Services Commission of South Australia; Independent Competition and Regulatory Commission (ACT); Independent Pricing and Regulatory Tribunal of New South Wales; Office of the Tasmanian Economic Regulator; and Queensland Competition Authority. The AER also acknowledges Mark Wilson for supplying photographic images. IMPORTANT NOTICE The information in this publication is for general guidance only. It does not constitute legal or other professional advice, and should not be relied on as a statement of the law in any jurisdiction. Because it is intended only as a general guide, it may contain generalisations.
[Show full text]
Business Performance and Outlook
Business Performance and Outlook The Group is building a Utility of the Future for energy users in Asia Pacific to support the region’s low-carbon, digital transformation. SmartHub@CLP Hong Kong Supports the city through an important journey of decarbonisation while maintaining a safe and highly-reliable electricity supply to 2.64 million customers. 40 CLP Holdings 2019 Annual Report Financial and Operational Performance Overview CLP continued to provide Hong Kong with a safe and highly reliable electricity supply in an environmentally-friendly way and at a reasonable cost throughout 2019. Sales of electricity within Hong Kong rose 1.8% to 34,284GWh as warmer weather lifted demand in the residential, commercial as well as infrastructure and public services customer sectors. A new local demand peak of 7,206MW was reported on 9 August 2019, 51MW higher than the previous record set in 2017. The figure would have been 62MW higher had CLP not actively pursued demand response initiatives to ask key customers to reduce electricity use. In addition to this underlying growth, major local infrastructure developments, including the commencement of the Guangzhou- Shenzhen-Hong Kong High Speed Rail (Hong Kong Section) and the Hong Kong-Zhuhai-Macao Bridge, also resulted in more electricity use. There were no sales to Mainland China in 2019, after the expiry of the electricity supply contract with Shekou in June 2018. In 2019, the number of customer accounts rose to 2.64 million, compared with 2.60 million in 2018. CLP places a very high importance on continuing to deliver positive outcomes for its communities and customers, and in doing so throughout 2019 it achieved an overall supply reliability of 99.999%.
[Show full text]
Newport Power Station Cattle Grazing at the Metropolitan Sewage
PUBLIC UTILITIES Newport Power Station Cattle grazing at the Metropolitan Sewage Far m A catchment area for Melbourne's water supply 118 E1ECTR1C1T> whole system will ha\e to be undertaken in the near future. stations in the north-eastern part of the State, and two The Board has considered various proposals for amplifi regional diesel-electric stations at Shepparton and Warr cation and has approved of detailed investigations, which nambool. are now being carried out, for a scheme which provides for Operating exclusively on brown coal of high moisture a new outfall sower to discharge into Bass Strait near Cape content from the Yallourn open cut in the Latrobe Valley, Schanck and which will divert from the Werribee system the steam-electric power station at Yallourn is the most the sewage from the eastern suburbs. The construction of important station in the inter-connected system. Electricity ihis sewer will enable sewerage facilities to be extended to generated there in 1951-52 was approximately 46% of the those southern portions of the metropolitan area for which total amount generated. This power station is designed to no provision has yet been made. carry the sustained base load, while the purpose of the met When these amplification proposals are completed, there ropolitan and regional stations is mainly to generate the will be no physical ditficulty in extending sewerage facilities additional power needed during peak loading periods. Apart to an expanded urban area including the southern suburbs from local supplies in the Gippsland area, the power of Chelsea, Frankston, and portions of Dandenong.
[Show full text]
Breaking Brown Gas and Coal Plant Breakdowns in Victoria
Breaking brown Gas and coal plant breakdowns in Victoria Victoria’s brown coal fired power stations suffer from frequent breakdowns and Loy Yang A is responsible for the largest number of breakdowns on the National Energy Market, since monitoring began in December 2017, and Loy Yang A’s Unit 2 is the most unreliable unit on the grid. Discussion paper Bill Browne Mark Ogge June 2019 Breaking brown 1 ABOUT THE AUSTRALIA INSTITUTE The Australia Institute is an independent public policy think tank based in Canberra. It is funded by donations from philanthropic trusts and individuals and commissioned research. We barrack for ideas, not political parties or candidates. Since its launch in 1994, the Institute has carried out highly influential research on a broad range of economic, social and environmental issues. OUR PHILOSOPHY As we begin the 21st century, new dilemmas confront our society and our planet. Unprecedented levels of consumption co-exist with extreme poverty. Through new technology we are more connected than we have ever been, yet civic engagement is declining. Environmental neglect continues despite heightened ecological awareness. A better balance is urgently needed. The Australia Institute’s directors, staff and supporters represent a broad range of views and priorities. What unites us is a belief that through a combination of research and creativity we can promote new solutions and ways of thinking. OUR PURPOSE – ‘RESEARCH THAT MATTERS’ The Institute publishes research that contributes to a more just, sustainable and peaceful society. Our goal is to gather, interpret and communicate evidence in order to both diagnose the problems we face and propose new solutions to tackle them.
[Show full text]
How Power Stationswork
The discovery of electricity How power stations work Several energy sources are used for electricity generation in Victoria. Around 97 per cent* of Victoria’s electricity is generated from brown coal. The remainder comes from natural gas, oil, water, wind and solar. In a fuel-burning power station, the heat energy of coal, oil or gas is fi rst converted to mechanical energy before it is transformed into electrical energy. The fi rst conversion is 1 carried out by means of steam. Fuel is burned in a boiler and the heat produces steam under pressure. The steam is allowed to expand through nozzles in a steam turbine. After expansion, the steam has a high speed and its mechanical energy is transferred to the turbine shaft, which is caused to rotate at high speed. The shaft fi nally turns the electro-magnet of the generator and the generator changes the mechanical energy into electrical energy. *Source: Electricity Gas Australia 2005. The discovery of electricity fact sheets reviewed and updated with print the assistance of STAV Publishing friendly Thermal power stations The power stations in the <Latrobe Valley> are all close to a <brown coal> open cut. Since electricity cannot be stored easily, power stations work 24 hours a day to produce electricity on demand. 2 Bulldozers are used to dig the coal and dump trucks are used to carry it to a series of storage bunkers in the power plant. It then goes into pulverising mills where it is dried and ground into a fi ne powder. Hazelwood Power Station It is then blown into the furnace.
[Show full text]
Fossil Fails in the Smart State
Fossil fails in the Smart State Gas and coal power plant breakdowns in Victoria Victorian brown coal-fired power plants are some of the worst performing stations in the National Electricity Market. With hot and dry conditions forecast for the rest of this summer, Victoria is at risk of further breakdowns of aging coal generators, insufficient supply and blackouts. Discussion paper Audrey Quicke Bill Browne February 2020 ABOUT THE AUSTRALIA INSTITUTE The Australia Institute is an independent public policy think tank based in Canberra. It is funded by donations from philanthropic trusts and individuals and commissioned research. We barrack for ideas, not political parties or candidates. Since its launch in 1994, the Institute has carried out highly influential research on a broad range of economic, social and environmental issues. OUR PHILOSOPHY As we begin the 21st century, new dilemmas confront our society and our planet. Unprecedented levels of consumption co-exist with extreme poverty. Through new technology we are more connected than we have ever been, yet civic engagement is declining. Environmental neglect continues despite heightened ecological awareness. A better balance is urgently needed. The Australia Institute’s directors, staff and supporters represent a broad range of views and priorities. What unites us is a belief that through a combination of research and creativity we can promote new solutions and ways of thinking. OUR PURPOSE – ‘RESEARCH THAT MATTERS’ The Institute publishes research that contributes to a more just, sustainable and peaceful society. Our goal is to gather, interpret and communicate evidence in order to both diagnose the problems we face and propose new solutions to tackle them.
[Show full text]
Victoria Government Gazette No
Victoria Government Gazette No. S 222 Tuesday 30 June 2009 By Authority. Victorian Government Printer Energy Legislation Amendment (Australian Energy Market Operator) Act 2009 PROCLAMATION OF COMMENCEMENT I, David de Kretser, Governor of Victoria, with the advice of the Executive Council and under section 2 of the Energy Legislation Amendment (Australian Energy Market Operator) Act 2009, fix 1 July 2009 as the day on which that Act comes into operation. Given under my hand and the seal of Victoria on 30th June 2009. (L.S.) DAVID DE KRETSER Governor By His Excellency’s Command PETER BATCHELOR Minister for Energy and Resources Electricity Industry Act 2000 MINISTERIAL ORDER UNDER SECTION 33A I, Peter Batchelor, Minister for Energy and Resources and Minister responsible for administering the Electricity Industry Act 2000, pursuant to section 33A revoke the electricity transmission licence as varied on 12 April 2005 held by VENCorp. Dated 26 June 2009 PETER BATCHELOR MP Minister for Energy and Resources National Electricity (Victoria) Act 2005 MINISTERIAL ORDER UNDER SECTION 30 I, Peter Batchelor, Minister for Energy and Resources and Minister responsible for administering the National Electricity (Victoria) Act 2005, declare pursuant to section 30 that the declared transmission system is – a.) the transmission system, with reference to the Victorian Region Main System Diagram T1/209/14 revision AQ dated 5 August 2008 (Schedule 1), as described in Schedule 2 and 3; and b.) any augmentations to that transmission system as at the transition day. In this Order: transition day has the same meaning as it has in section 34 of the National Electricity (Victoria) Act 2005 Schedule 4 contains a glossary of terms used in Schedules 1, 2 and 3 Notes: 1.
[Show full text]
Prediction of Cloud Effects Chimney Plumes
RePrintedfrom ATMO SPHERIC ENVIRO N M ENT Vol.17, No. 5, pp.983'990 PREDICTION OF CLOUD EFFECTSIN CHIMNEY PLUMES K. T. Spru,lNe dnd C. C' Etsuu CSIRO Division of Atmospheric Physics,P'O. Box 77' Mordialloc, Victoria, Australia PERGAMON PRESS OXFORD NEW YORK TORONTO SYDNEY PARIS FRANKFURT 1983 'a 0004-6981/83$3 0O+ 00 Athlosphetic EnDirokmentVol l'1, No 5, pp 983-990' 1983 @ 1983Pergamon Press Ltd Printed in Creat Britain PREDICTION OF CLOUD EFFECTSIN CHIMNEY PLUMES K. T. SprluNE* and C. C. Er-suv cSIRODivision of AtmosphericPhysics, P.o Box77, Mordialloc, victoria, Australia (First receiued16 June 1982 and receiuedfor publication 18 October 1982) and cloud length in chimney Abstract-A numerical model to predict the occurrenceof visiblecondensation gas-fired power statlon at pfr..r-fr testJ against obserualions of the plume from a 500MW natural 'Melbourn", literature on plume Australia. The model employs two intrainment parametersselected from the plume to be visible is developed traiectoriesand not fitted to ttreouseivaiions reported here.A criterion for a water determined from Gaussiantwo- i;?;;;;ilr;;;;;; I fi iadius and plume distiibution of condensed between cloudy and dimensionalization oi t"-p"rature a;d total water. The model correctly discriminates extendsinto the far-field and when ,,'on-"iorJv plumes, betweenoccasions ofpersistent cloud that "ni11ney length.in this latter case The cloud terminates in the cohlrent-plume-phase and reliably forecastscloud predictions iirrft. .-pfr"rize that good meteorological data are required for accurate cen- INTRODUCTION observationswere restricted to steadyconditions tred on a radiosonde-windsounding at the Loy Yang The visual impact of cooling tower clouds is well s1te.
[Show full text]
Thirty-Fifth Ann'ual Report Appendices
1954 55 VICTORIA STATE ELECTRICITY COMMISSION OF VICTORIA THIRTY-FIFTH ANN'UAL REPORT FOR THE FINANCIAL YEAR ENDED 30TH JUNE, 1954 TOGETHER WITH APPENDICES PRESENTED lO PARLIAMENT PURSUANT TO SECTION 35 (b) OF STATE ELECTRICilY COMMISSION ACl No. )776. 2 STATE ELECTRICITY COMMISSION OF VICTORIA Increase or 1953-54 Decrease Percentage INCOME- Electricity Supply ... ... ... ... ... ... £ 22,117,381 2,927,867 15·3 Briquetting (after Stock Adjustment and less Sales to Works) ... £ ' 884,652 i 5·1 Brown Coal (less Sales to Works) £ 484,330 + 14·8 Tramways ... £ 1€4,756 0·1 Misc€11aneous £ 9,860 24·1 TOTAL INCOME £ 23,c80,979 14·2 EXPENCITURE (ncl. Appropriations, Writings off etc.) £ 23,321,485 2,928,071 + 14·4 NET SlJRPLUS £ 359,494 ~ 16,343 + 4·8 CAPITAL EXPENDITURE-At end of Year £ 173,313,439 ~ 22,927,408 I 15·2 RESERVES-At end of Year £ 24,533,646 2,012,556 + 8·9 MAXIMUM COINCIDENT DEMAND ON POWER STATIONS (28th June, 1954) kW I 701,650 I -t 99,340 16·5 ELECTRICITY GENERATED- kWh-millions 3,502·4 482·0 + 16·0 ELECTRICITY SALES- kWh-millions 2,814.7 -l- 394·9 16·3 NUMBER OF CONSUMERS (excluding Bulk Supplies) 501,994 + *33,033 + 7·0 AVERAGE kWh SOLD PER CONSUMER- Domestic 1,770 + 170 r+ 10·6 Commercial 4,330 -L 354 8·9 All Consumers (excluding Bulk Supplies) 4,037 "t 341 I+ 9·2 Per Head of Pcpulation (Victoria) ... ... 1,095 I 112 + 11·4 AVERAGE PRICE PER kWh SOLD- Domestic d. 2.297 0·046 I Commercial 2·0 d.
[Show full text]
SITE NAME Citipower (Former Melbourne City Council Substation)
HODDLE GRID HERITAGE REVIEW SITE NAME CitiPower (former Melbourne City Council Substation) STREET ADDRESS 10-14 Park Street Melbourne PROPERTY ID 107422 SURVEY DATE: October 2017 SURVEY BY: Context HERITAGE H7822-1022 EXISTING HERITAGE No INVENTORY OVERLAY PLACE TYPE Individual Heritage Place PROPOSED Significant CATEGORY FORMER GRADE C DESIGNER / Not confirmed, but likely to BUILDER: Not known ARCHITECT / ARTIST: be the architects’ office at Melbourne City Council DEVELOPMENT Interwar Period (c.1919- DATE OF CREATION / 1928 PERIOD: c.1940) MAJOR CONSTRUCTION: 1305 VOLUME 2A: BUILT & URBAN HERITAGE – PRECINCTS, PRE-1945 PLACES, REVISIONS TO EXISTING INDIVIDUAL HERITAGE OVERLAY THEMES ABORIGINAL THEMES SUB-THEMES Research undertaken in preparing this Aboriginal Themes (Hoddle Grid Heritage Review citation did not indicate any associations Vols. 3 & 4 June 2016) have therefore not been with Aboriginal people or organisations. identified here HISTORIC THEMES DOMINANT SUB-THEMES 6 Creating a functioning city 6.3 Providing essential services LAND USE HISTORIC LAND USE Archaeological block no: 02 Inventory no: 22 Character of Occupation: Governmental, Services/Infrastructure Land sale details not provided. Map shows building fronting La Trobe Street, 1866 Cox possibly extending into this site. 1905/6 Mahlstedt 3 small single storey buildings on site. THEMATIC MAPPING AND LAND USE 1890s Not able to be determined 1920s Power 1960s Power RECOMMENDATIONS Recommended for inclusion in the Schedule to the Heritage Overlay of the Melbourne Planning Scheme as an Individual Heritage Place. Extent of overlay: Refer to map SUMMARY 10-14 Park Street is one of several small-scale electrical substations built in the interwar period as part of the expansion of electricity supply and distribution.
[Show full text]
Electricity Generation Licence Energyaustralia Ecogen Pty Ltd
ESSENTIAL SERVICES COMMISSION ELECTRICITY GENERATION LICENCE ENERGYAUSTRALIA ECOGEN PTY LTD ABN 86 086 589 611 As varied on 26 September 2018 ESC File Ref: C/18/20943 ESC Licence Code: EG 01/1995 Electricity Generation Licence - EnergyAustralia Ecogen Pty Ltd ELECTRICITY GENERATION LICENCE CONTENTS 1. DEFINITIONS AND INTERPRETATION 1 2. GRANT OF LICENCE 1 3. TERM 1 4. COMPLIANCE WITH ORDERS, CODES AND GUIDELINES 2 5. CO-OPERATION WITH VENCORP 2 6. PROVISION OF INFORMATION TO THE COMMISSION 2 7. PAYMENT OF LICENCE FEES 3 8. ADMINISTRATOR 3 9. COMPLIANCE WITH LAWS 3 10. VARIATION 3 11. TRANSFER OF LICENCE 3 12. COMMUNICATIONS 3 SCHEDULE 1 DEFINITIONS AND INTERPRETATION 5 SCHEDULE 2 VARIATIONS TO THE LICENCE 8 Essential Services Commission 26 September 2018 ELECTRICITY GENERATION LICENCE 1. DEFINITIONS AND INTERPRETATION 1.1 In this licence, words and phrases appearing like this have the meaning given to them in part 1 of schedule 1. 1.2 This licence must be interpreted in accordance with the rules set out in part 2 of schedule 1. 2. GRANT OF LICENCE 2.1 Subject to the conditions set out in this licence, the Licensee is authorised to generate electricity for supply or sale, to supply electricity and to sell electricity. 2.2 Under this licence, the Licensee may only (a) generate electricity for supply or sale at; (b) and may only supply electricity and may only sell electricity generated at, the licensed power station. 3. TERM 3.1 This licence first had effect on 31 January 1995 and has been varied on the dates set out in schedule 2.
[Show full text]