AusNet Services
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| ASX: AST SGX: X04 | |
| Industry | Energy |
| Predecessor | State Electricity Commission of Victoria |
| Headquarters | Melbourne, Australia |
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Area served
|
Victoria |
| Products | Electricity transmission and distribution; gas distribution |
| Website | Official website |
AusNet Services (previously SP AusNet) is an Australian energy company. It is listed on the ASX and SGX and operates three energy networks in Victoria:[1]
- The High Voltage and Extra High Voltage electric transmission network (66kV and above)
- A Low Voltage and Medium Voltage electric distribution network (22kV and below)
- A gas distribution network
SP AusNet changed its name to AusNet Services in August 2014. The move follows the end of a management services agreement between Singapore Power and SP AusNet in March.
Singapore Power once held a 51 per cent stake in SP AusNet but that fell to 31.1 per cent after it sold part of its holding to a subsidiary of the State Grid Corporation of China.
Chairman, Ng Kee Choe, said the new name reflected both the continuity of SP AusNet's core business and the company's market position as a service delivery business.
Legal issues
The 2009 Victorian Bushfires Royal Commission found that the Kilmore East part of the February 2009 Black Saturday bushfires in Victoria;[2]
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... started after the conductor between poles 38 and 39 failed and the live conductor came into contact with a cable stay supporting pole 38. This contact caused arcing that ignited vegetation near the base of pole 38.
Following a class action lawsuit related to that fire, in July 2014 the company announced a A$260 millon legal settlement. Utility Service Providers will pay another $10 million, and the Victorian State Government a further $29 million.[3][4]
In December 2014 a $378.6 million sum was approved by the Victoria's Supreme Court as AusNets part of a $494 million settlement of a second class action. Utility Services Corporation Ltd will also pay $12.5 million, and the Victorian Government $103.6 million.[5] It has been noted as being "the biggest class action settlement in Australian legal history".[6] The previous highest payout was $200 Million in Kirby v Centro Properties Limited (No 6) [2012] FCA 650 (19 June 2012).[7][8]
References
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External links
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