Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

ERM Power Says Macquarie Generation Would Accelerate Growth

ERM Power Ltd., shortlisted by Australia’s most populous state to bid for two government-owned power stations, said owning the assets would help speed the company’s growth in electricity sales.

“It certainly represents a transformational opportunity,” Philip St Baker, chief executive officer of Brisbane-based ERM Power, said today in a phone interview after the company said it had been shortlisted by the New South Wales government. “It does present an opportunity to accelerate the growth of the company going forward, over and above an already attractive trajectory.”

ERM, Australia’s fourth-largest electricity retailer, has submitted an initial bid for Macquarie Generation and will study its finances before deciding whether to make a final offer, St Baker said. AGL Energy Ltd. and Shenhua Group Corp. also were shortlisted for the owner of the Liddell and Bayswater coal-fired power stations in the Hunter Valley, the Australian Financial Review reported today, without saying where it got the information.

The assets may fetch as much as A$1.5 billion ($1.4 billion), people with knowledge of the matter said in August. They said AGL Energy and Shenhua were among expected bidders.

Karen Winsbury, a spokeswoman for AGL in Melbourne, declined to comment. The New South Wales government also declined to comment.

Shares of ERM rose 3.2 percent to A$2.89 as of 3:08 p.m. in Sydney, while Australia’s benchmark S&P/ASX 200 Index climbed 0.9 percent.

ERM expects a 28 percent increase in electricity sales for fiscal 2014 after a 34 percent gain last year, according to St Baker.

ERM expects to bid without a partner to “fully leverage” the potential Macquarie Generation opportunities, he said, declining to say when the company aims to lodge a final bid for the largest electricity supplier in New South Wales state.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.