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August 04, 2015 4:59 AM ET

Electric Utilities

Company Overview of Energex Limited

Company Overview

Energex Limited distributes electricity to domestic and business connections in South East Queensland. Energex Limited was formerly known as South East Queensland Electricity Board and changed its name to Energex Limited in 1997. The company was founded in 1922 and is based in Newstead, Australia.

26 Reddacliff Street

Newstead, QLD 4006

Australia

Founded in 1922

Phone:

61 7 3664 4000

Fax:

61 7 3025 8301

Key Executives for Energex Limited

Chief Executive Officer
Chief Financial Officer
Chief Executive Officer of SPARQ Solutions
Director of Corporate Governance and Company Secretary
Company Secretary and Secretariat & Governance Manager
Compensation as of Fiscal Year 2015.

Energex Limited Key Developments

Energex Announces Changes to the Management Team

Energex has appointed Kerryn Newton as new chairperson of the board, following the resignation of Shane Stone. Ms Newton has been a non-Executive Director on Energex's Board since 2008. She has also had recent roles as Chairman of the Board's Regulatory Committee and a member of the Network and Technical Committee. Ms Newton was admitted as a solicitor of the Supreme Court of Queensland in 1991 and has worked in various legal and management roles in the private and public sectors. Her roles have included extensive experience as a lawyer and advisor for the Queensland Parliament and its parliamentary committees. Over the last decade, she has chaired the boards of numerous not-for-profit organizations in the child care, aged care and housing sectors. Currently, Ms Newton is Managing Director of a governance consulting firm and advises national organizations on a wide range of governance and management issues.

Government Plans Power Mergers

Under the Labor plan announced during the election, the state's power distributors, Energex Limited, Ergon Energy Corporation Limited and Queensland Electricity Transmission Corporation Limited (Powerlink Queensland) would be merged into one government-owned corporation. The government estimates it will save $150 million a year by the move, which will also see board and executive positions go, although Premier Annastacia Palaszczuk has also committed to no forced redundancies. The Electrical Trades Union said it was yet to formally discuss the matter with the government. "I will be meeting with the minister in relation to that over the coming weeks, but it is something we plan to do and it is high on my agenda," Palaszczuk said. As to whether details of the mergers would appear in this year's budget, which is set down for July 2015, the Premier said it was "a matter for the Treasurer".

State Grid Corporation of China Reportedly Retains HSBC For Acquisition Of Electricity Assets

State Grid Corporation of China has retained HSBC to advise it on the acquisition of up to $50 billion worth of electricity assets earmarked for sale by the Queensland and NSW governments. State Grid will rival three consortiums and other possible buyers, likely to include Cheung Kong Infrastructure Holdings Ltd. (SEHK:1038), advised by Credit Suisse and potentially Citigroup Inc. (NYSE:C). So far, consortiums in place are Australian Super, Canada Pension Plan Investment Board and Borealis Capital Corporation advised by Morgan Stanley and Goldman Sachs, and IFM Investors Pty Ltd and QIC limited, which may be representing interests of the Future Fund and could be taking advice from Barclays. Caisse de dépôt et placement du Québec is said to have joined the Hastings Funds Management Limited’s consortium with Spark Infrastructure Group (ASX:SKI), advised by JP-Morgan and Royal Bank of -Canada. Universities Superannuation Scheme Limited and Abu Dhabi Investment Authority were in talks to join Hastings before Christmas and could be still searching for partnership opportunities. Singapore Power Ltd is still considering whether to enter the bidding. A decision on whether the Queensland government sells its electricity assets will depend on the outcome of the January 31, 2015 election. Macquarie and Bank of America Merrill Lynch are handling the Queensland sales. The sale will begin with Powerlink Transmission Services Pty Ltd. valued between $10 billion and $12 billion, followed by Energex Limited and Ergon Energy Queensland Pty Ltd. with all assets collectively worth about $30 billion. The government will also sell a lease for 100% of its electricity transmission network TransGrid, for between $7 billion and $8 billion. This will be followed by sale of 50% stakes in Ausgrid and Endeavour Energy. About $20 billion collectively is expected from the sell down.

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