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Application to the Essential Services Commission for the Transfer of an Electricity Generation Licence

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Application to the Essential Services Commission for the Transfer of an Electricity Generation Licence Application to the Essential Services Commission for the Transfer of an Electricity Generation Licence Stanwell Corporation Limited (ACN 078 848 674) Toora Wind Farm Pty Ltd (ACN 126 722 076) Contact Person: Walter Schutte Stanwell Corporation Limited Level 12, Waterfront Place 1 Eagle Street Brisbane QLD 4000 Tel 61 7 3335 3815 Fax 61 7 3335 7477 Application for the Transfer of an Electricity Generation Licence - Stanwell Corporation Limited transfer to Toora Wind Farm Pty Ltd Table of Contents 1. Types of Licence Being Sought to Transfer 2 2. Reasons for Application to Transfer 2 3. Applicants Details 2 3.1 Stanwell Corporation Limited (Current Licensee) 2 3.2 Toora Wind Farm Pty Ltd (Transferee) 3 4. Current Activities 4 4.1 Victorian Electricity Generation 4 4.2 Other Licences 4 4.3 Technical and Operational Capabilities 4 4.4 Financial Capability 5 5. Essential Services Commissions Objectives 5 Schedule 1 Copy of the Certificate of Registration of Toora Wind Farm Pty Ltd Schedule 2 Copy of Stanwell Corporation Ltd Annual Report 2004/2005 Public Component 31.10.2007 Page (i) Application for the Transfer of an Electricity Generation Licence - Stanwell Corporation Limited transfer to Toora Wind Farm Pty Ltd 1. Types of Licence Being Sought to Transfer Stanwell Corporation Limited (ACN 078 848 674) (Stanwell) is the holder of a Victorian Electricity Generation Licence. In accordance with Section 31 of the Electricity Industry Act 2000 (Vic), Stanwell hereby applies to the Victorian Essential Services Commission (ESC) for the transfer of its Electricity Generation Licence to Toora Wind Farm Pty Ltd (ACN 126 722 076). The date on which the transfer of the licence is sought is 30 November 2007. 2. Reasons for Application to Transfer The Queensland Government recently announced the sale of the wind farm assets held by Stanwell and Tarong Energy Corporation Limited. This will include the sale of the Toora wind farm, which is currently owned and operated by Stanwell. The Queensland Government has commenced the competitive bid process for the sale of Stanwell's wind farm assets. In preparation for the sale of the wind farm businesses, it is intended that the assets associated with Stanwell's Toora wind farm will be transferred to Toora Wind Farm Pty Ltd, thereby creating a stand alone business. Toora Wind Farm Pty Ltd is a wholly owned subsidiary of Stanwell and will remain so until the company is sold. Toora Wind Farm Pty Ltd will continue to operate principally under the same management, directorship, systems and processes as currently exist in Stanwell with respect to the Toora wind farm operations. Accordingly, the transfer of the Electricity Generation Licence will not impact upon the licence holder's technical capacity or financial viability as it will continue to be a wholly owned subsidiary of Stanwell, (a Queensland Government Owned Corporation) and be operated by the same key personnel, until the sale is completed. Once the sale is completed, it will be for the incoming purchaser to nominate its own staff and systems for the ongoing operation of the wind farm. Further information regarding Stanwell, including information regarding its generation activities and a summary of its financial position can be accessed at www.stanwell.com. 3. Applicants Details 3.1 Stanwell Corporation Limited (Current Licensee) Stanwell is a Queensland Government Owned Corporation, with an energy portfolio comprising coal, hydro and wind generation facilities throughout Australia. Stanwell generates more than 20% of Queensland’s electricity requirements. Current generators owned and operated by Stanwell include: • Stanwell Power Station, Central Queensland – 1,400 MW; • Kareeya Hydro, Far North Queensland – 84 MW; Public Component 31.10.2007 Page 2 Application for the Transfer of an Electricity Generation Licence - Stanwell Corporation Limited transfer to Toora Wind Farm Pty Ltd • Barron Gorge Hydro, Far North Queensland – 60 MW; • Mackay Gas Turbine, Central Queensland – 34 MW; • Toora Wind Farm, Victoria – 21 MW; • Windy Hill Wind Farm, Far North Queensland – 12 MW; • Koombooloomba Hydro, Far North Queensland – 7 MW; and • Wivenhoe Small Hydro, South East Queensland – 4.5 MW. Stanwell also has a 50% interest in the Emu Downs Wind Farm in Western Australia. Stanwell is a registered company under the Corporations Act 2001 (Cth). The company is limited by shares and is an unlisted public company. Stanwell's registered office is located at: Level 12 Waterfront Place 1 Eagle Street Brisbane QLD 4000 Telephone: 07 3335 7444 Facsimile: 07 3335 7477 Web Address: www.stanwell.com Stanwell's contact person is: Walter Schutte Trading Manager email: [email protected] Tel 61 7 3335 3815 Fax 61 7 3335 7477 3.2 Toora Wind Farm Pty Ltd (Transferee) Toora Wind Farm Pty Ltd is a registered company under the Corporations Act 2001. The company is limited by shares and is a proprietary company. A copy of the Certificate of Registration for Toora Wind Farm Pty Ltd is provided at Schedule 1. Toora Wind Farm Pty Ltd is currently a wholly owned subsidiary of Stanwell and will remain so until it is sold as part of the sale process. Toora Wind Farm Pty Ltd's registered office is located at: Level 12 Waterfront Place 1 Eagle Street Brisbane QLD 4000 Telephone: 07 3335 7444 Facsimile: 07 3335 7477 Toora Wind Farm Pty Ltd's contact person is: Public Component 31.10.2007 Page 3 Application for the Transfer of an Electricity Generation Licence - Stanwell Corporation Limited transfer to Toora Wind Farm Pty Ltd Walter Schutte Trading Manager email: [email protected] Tel 61 7 3335 3815 Fax 61 7 3335 7477 4. Current Activities 4.1 Victorian Electricity Generation The Toora wind farm is currently operating in the National Electricity Market. Stanwell has a long term connection and access arrangement in place with SP AusNet. Appropriate systems, processes and procedures are in place to ensure compliance with the National Electricity Rules. Stanwell has not been notified of any breaches of the National Electricity Rules. Business and occupational health and safety systems are also in place for the operation of the wind farm. Stanwell maintains a good working relationship with Energy Safe Victoria and has not been notified for any breaches of the relevant safety regulations. Upon commencement of its operations (subject to the transfer of the electricity generation licence), Toora Wind Farm Pty Ltd will undertake the same activities in the Victorian electricity market as are currently undertaken by Stanwell. The current Stanwell systems and processes which relate specifically to the Toora Wind Farm will be transferred to and used by Toora Wind Farm Pty Ltd for the operation of the wind farm. Further, upon being granted an electricity generation licence, the connection and access arrangement currently in place between Stanwell and SP AusNet will be transferred from Stanwell to Toora Wind Farm Pty Ltd. 4.2 Other Licences Neither Toora Wind Farm Pty Ltd nor any of its related parties, has a shareholding interest in any other licensee that is currently participating in the Victorian electricity industry. Stanwell currently holds electricity generation licences in Queensland and Victoria and is registered with NEMMCO. EDWF Holdings 1 Pty Ltd, a subsidiary of Stanwell, holds a generation licence in Western Australia jointly with EDWF Holdings 2 Pty Ltd (an unrelated party to Stanwell). 4.3 Technical and Operational Capabilities The Toora wind farm business, to be transferred to Toora Wind Farm Pty Ltd, will comprise the same systems, processes and procedures currently used by Stanwell. Further, arrangements are in place with Stanwell so that the current Stanwell employees responsible for the operation of the Toora wind farm will continue to perform those roles for Toora Wind Farm Pty Ltd until the entity is sold. Stanwell employees will be made available to perform those roles on behalf of Toora Wind Farm Pty Ltd for so long as the company is a subsidiary of Stanwell. Therefore, Toora Wind Farm Pty Ltd will hold the same level of technical and operational capability as presently held by Stanwell, the current licence holder. Public Component 31.10.2007 Page 4 Application for the Transfer of an Electricity Generation Licence - Stanwell Corporation Limited transfer to Toora Wind Farm Pty Ltd Once the entity is sold, it will be for the new owner to make its own resources available for the continued operation of the wind farm. A concurrent process is currently underway for Toora Wind Farm Pty Ltd to become registered with NEMMCO. 4.4 Financial Capability Toora Wind Farm Pty Ltd is a newly formed wholly owned subsidiary of Stanwell which is a Queensland Government Owned Corporation and does not have separate accounts. A summary of Stanwell's financial position is included in its latest annual report, the annual report for 2005/2006, as provided in Schedule 2. Stanwell is the current holder of an Australian Financial Services Licence (AFSL). Toora Wind Farm Pty Ltd is not engaging in any activities requiring an AFSL. Any activity requiring an AFSL will be carried out by Stanwell while Toora Wind Farm Pty Ltd is a subsidiary of Stanwell. 5. Essential Services Commissions Objectives The transfer of Stanwell's electricity generation licence to Toora Wind Farm Pty Ltd is consistent with the objectives set out in Section 10 of the Electricity Industry Act 2000 (Vic) and Section 8 of the Essential Services Commission Act 2001 (Vic). Having held an electricity generation licence
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