International Power acquires remaining 50% of its Australian retail partnership
(London – 25 May 2007) International Power plc today
announces that it has exercised its option to acquire the remaining
50% of the EnergyAustralia and International Power (Australia)
retail energy partnership. International Power will pay A$142
million (£59 million) to Energy Australia for the remaining
50% share of the partnership.
The business sells electricity and gas to retail customers in
Victoria and South Australia. Since the retail partnership was
formed in July 2005, the number of power and gas accounts has
increased from 175,000 to more than 400,000.
Tony Concannon, Executive Director Australia said "Growth in
customer numbers has exceeded our original targets, and we are
pleased to increase our investment in this important route to
market for our generation portfolio in Australia.”
The acquisition will be funded from existing International Power
liquid resources, and completion is expected in August 2007.
For further information please contact:
Investor and Media Contact:
Telephone: +44 (0)20 7320 8869
About International Power
International Power plc is a leading independent electricity
generating company with 18,375 MW (net) in operation and 312 MW
(net) under construction. International Power has power plants in
operation or under construction in Australia, the United States of
America, the United Kingdom, France, Germany, the Czech Republic,
Italy, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia,
the UAE, Indonesia, Pakistan, Puerto Rico and Thailand.
International Power is listed on the London Stock Exchange and the
New York Stock Exchange (as ADR’s) with ticker symbol IPR.