Two bids received for AusGrid

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Two bids received for AusGrid

The New South Wales (NSW) government has received two bids for the sale of its  50.4 percent satke in Ausgrid, Australia’s biggest electricity network. More deatisl about the bidders have not been disclosed.

In early March, Spark Infrastructure rules itself out of Ausgrid auction and State Grid Corporation of China, China Southern Power Grid Co., Ltd. and Cheung Kong Infrastructure Holdings Ltd. were all expected to bid.

The deal could reach A$10 billion (US$7.48 billion) to become the country’s biggest privatization sale on record.

Ausgrid, a state owned electricity infrastructure company, owns, maintains and operates the electrical distribution networks to 1.6 million customers in Sydney,Central Coast, Hunter Region and Newcastle areas of New South Wales. It was formed in 2011 from the previously state owned energy retailer/distributor, EnergyAustralia, when the retail division of the company, along with the EnergyAustralia brand, was sold by the NSW State Government.

NSW Treasurer Gladys Berejiklian said in a statement:

“The government will over the coming fortnight thoroughly review the bids to ensure they deliver the best possible result for the state and NSW taxpayers.”

“Following the Ausgrid transaction, the NSW government will retain key roles as lessor, as licensor, as safety and reliability regulator and through the planning system.

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