Major Investments Outside Hong Kong
ETSA Utilities, Australia
ETSA Utilities, Australia was acquired in January 2000 by Hongkong Electric Holdings Limited (HEH) and Cheung Kong Infrastructure Holdings Limited (CKI) at A$3.25 billion for the right to manage and operate ETSA Utilities for 200 years. Currently, HEH holds 27.93% of the shareholdings.
ETSA Utilities is the sole electricity distributor in the State of South Australia, Australia and serves more than 765,000 customers. The principal business activities of ETSA Utilities are the operation, management and administration of the electricity distribution network. The network supplies electricity to the major populated areas of South Australia except those located in remote areas which have their own generation and distribution capability. The majority of ETSA Utilities' revenues are regulated by government regulations.
Website: http://www.etsautilities.com.au
Powercor Australia, Australia
Powercor Australia was acquired in September 2000 at A$2.3 billion as an entity jointly owned by Hongkong Electric Holdings Limited (HEH) and CKI. Currently, HEH holds 27.93% of the shareholdings.
Powercor Australia is the largest electricity distribution company in Victoria, Australia and serves more than 625,000 customers. Powercor Australia's distribution network is the largest in Victoria which covers more than half of the State, including major industrial and growth areas in Western Melbourne and several of Victoria's largest provincial centres. The area where the distribution network is serving takes approximately one third of Victoria's population and manufacturing output. It also accounts for more than one quarter of Victoria's gross domestic product. The majority of Powercor Australia's electricity distribution revenues are regulated by government regulations.
Website: http://www.powercor.com.au
CitiPower, Australia
Citipower was acquired in July 2002 at A$1.418 billion as an entity jointly owned by Hongkong Electric Holdings Limited (HEH) and CKI. Currently, HEH holds 27.93% of the shareholdings.
CitiPower is one of the five electricity distributors in the State of Victoria, Australia. CitiPower's distribution network covers the Central Business District in Melbourne and its densely populated inner suburbs. Therefore, it has the highest load density in Victoria, Australia with approximately 275,000 customers. It also has a diverse customer mix, including residential, commercial, manufacturing and industrial. The majority of CitiPower's electricity distribution revenues are regulated by government regulations.
Website: http://www.citipower.com.au
Ratchaburi Power Company Limited, Thailand
Hongkong Electric International Limited (HEI) holds a 25% interest in the 2 x 700 MW Ratchaburi Power Company (RPCL) and is the largest foreign shareholder.
RPCL is incorporated in Thailand for developing a 2 x 700 MW gas-fired combined cycle power plant under EGAT's IPP program. RPCL is principally engaged in the development, financing, construction, installation, testing, operation and maintenance of the power generating station. The total project cost amounts to US$890 million. Following the project financial close, the construction of the power plant started in March 2006. The two 700MW CCGT power blocks achieved Commercial Operation Date (COD) respectively on 1st March and 1st June 2008. Electricity generated by RPCL will be sold to the State-owned Electricity Generating Authority of Thailand (EGAT) under a 25-year take-or-pay power purchase agreement (PPA).
Northern Gas Networks Limited, UK
Hongkong Electric Holdings Limited (HEH) became a shareholder of Northern Gas Networks Limited through an acquisition in June 2005. Currently, HEH holds 41.29% of the shareholdings.
Northern Gas Networks Limited owns the North of England Gas Distribution Network, which is one of the eight Gas Distribution Networks in the UK. The entire assets which comprised principally of distribution gas mains and pipelines of 36,000km in length with a regulated asset value of over £1.4 billion as of 2008. Its distribution network extends south from the Scottish border to South Yorkshire. With a total population of about 6.7 million, the region contains a mixture of large cities, including Newcastle-Upon-Tyne, Middlesbrough, Leeds and Bradford, as well as a significant rural area including North Yorkshire and Cumbria. The region benefits from the growing position of Leeds, the rapid expansion of development along the River Tyne, and a number of large industrial consumers based along the North Sea coastline. The majority of Northern Gas Networks Limited’s revenues is regulated by government regulations.
Website: http://www.northerngasnetworks.co.uk
Stanley Power, Canada
Hongkong Electric Holdings Limited (HEH) has successfully acquired 50% shareholdings in Stanley Power Inc. in December 2007. Stanley Power Inc., a 50/50 joint venture with Cheung Kong Infrastructure Holdings (CKI) acquired a 49.99% interest in TransAlta Cogeneration L.P. at approximately C$629million.
The TransAlta Co-Generation L.P. has stakes in six Canadian generating plants. They include five natural-gas fired cogeneration plants in Alberta, Saskatchewan and Ontario, and a coal-fired generation plant in Alberta. The 6 plants have a total electricity generating capacity of 1,352 MW.
Wellington Electricity Lines Limited, New Zealand
Wellington Electricity Lines Limited (WELL) was acquired in July 2008 jointly by Hongkong Electric Holdings Limited (HEH) and CKI at NZ$785 million.
WELL owns & operates the fourth largest electricity distribution network in New Zealand. The Wellington Network distributes electricity to more than 160,000 residential, commercial and industrial customers in the Wellington and Hutt Valley regions. The majority of WELL’s distribution revenues are regulated by the New Zealand government.
Website: http://www.welectricity.co.nz
Dali and Leting Wind Farms, China
Hongkong Electric International Ltd. is co-developing two wind farms – one 48MW in Dali, Yunnan Province and one 49.5 MW in Leting, Hebei Province with a local partner. The two projects are qualified for CDM under the Kyoto Protocol. The Dali Wind Farm achieved Commercial Operation Date (COD) on 1st January 2009 and the Leting Wind Farm is planned to achieve full COD in mid 2009.
Outram Limited, China
Hongkong Electric Holdings Limited (HEH) successfully acquired 100% shareholdings in Outram Limited (Outram) in early April 2009. Outram holds 45% equity interests in three joint ventures owning power plants in mainland China. The consideration for the transaction is HK$5,680 million.
The three power plants are Zhuhai Power Plant in Zhuhai city, the neighbouring Jinwan Power Plant and Siping Cogen Power Plant in Jilin Province. The generating capacity of the Zhuhai, Jinwan and Siping power plants are 1,400MW, 1,200MW and 200MW respectively. The Zhuhai and Jinwan power plants are strategically located in the load centres in the western part of Pearl River Delta, an industrial centre that is in need of power supply and with growth opportunities.
Seabank Power Limited, UK
In June 2010, Hongkong Electric International Limited (HEI) successfully acquired 50% stake of Electricity First Limited (EFL) from Cheung Kong Infrastructure Holdings Limited (CKI) at total consideration of GBP108.1 million approximately. HEH through EFL holds 25% of the Seabank Power Limited (Seabank), an electricity-generating company located near Bristol in the United Kingdom (UK).
Seabank comprises two combined-cycle gas turbine generation units run on natural gas with an aggregate capacity of approximately 1,140MW. Unit 1 was commissioned in 2000 and Unit 2 was commissioned in 2001.
All electricity generated by Seabank will be sold to SSE Energy Supply Ltd. under a long-term power purchase agreement.