Alinta

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Alinta Limited
Industry Energy
Successor(s) Alinta Energy
Founded As AlintaGas Ltd - January 1995
Headquarters Perth, Western Australia, Australia
Key people Leonard Gill, Chairman
Jeff Dimery, CEO
Products Oil, Gas & Electricity
Revenue A$1.84 billion (2010[1])
Net income Decrease -A$0.58 billion (2010[1])
Employees ~4200

Alinta is an Australian energy infrastructure company. It has grown from a small, Western Australia based gas distributor and retailer to the largest energy infrastructure company in Australia. It was bought in 2007 by a consortium including Singapore Power and various now defunct Babcock & Brown funds.[2]

History[edit]

The word Alinta is derived from the word for fire in a traditional language of an Aboriginal tribe from Victoria.

It was formed as AlintaGas in January 1995 when the vertical monopolist energy supplier, the State Energy Commission of Western Australia, was disaggregated into separate gas and electricity corporations. On 13 July 2000 legislation was passed by the Government of Western Australia for the sale of AlintaGas which subsequently listed on the Australian Stock Exchange (ASX) on 17 October 2000.

On 8 May 2003 AlintaGas Ltd officially changed its name to Alinta Limited.

On 23 July 2003 through a series of complicated transactions involving Alinta, Aquila Inc, United Energy, and AMP Henderson Global, Alinta became the operator, manager and part owner of regulated energy assets in Western Australia and Victoria.

In April 2004 Alinta acquired Duke Energy International's assets in Australia and New Zealand. In October 2004 a DUET/Alinta/Alcoa Consortium acquired the Dampier to Bunbury Natural Gas Pipeline from Epic Energy.

On 4 October 2005 Alinta publicly floated the pipelines and power stations it acquired from Duke Energy International into a separate investment vehicle, Alinta Infrastructure Holdings (AIH) which also traded on the ASX. In October 2006 Alinta, through Alinta IH Pty Ltd (Alinta IHPL), made an offer to buy out the 80% of the shareholding in AIH that it did not already own. By 11 January 2007 Alinta had acquired 91.4%, and moved to compulsorily acquire the remainder.[3]

Alinta acquired infrastructure assets and the Agility business from AGL through a combination of merger and demerger transactions on 25 October 2006.[4]

On 9 January 2007 Alinta announced that senior executives and the Chairman were working on a Management buyout proposal, with Macquarie Bank as their advisor.[5] As a result, the chief executive officer Bob Browning resigned on 11 January 2007, and the company was clearly for sale to the highest bidder.

The company was eventually acquired by a consortium between Australia's second-largest investment bank, Babcock & Brown, and Singapore Power, the largest utility company in the city-state.[6] after putting up a bid of A$13.9 billion, beating out a rival bid by Macquarie Bank.[7]

The Alinta Limited take over by a consortium comprising Singapore Power International (SPI), Babcock & Brown Infrastructure (BBI) and Babcock & Brown Power (BBP) was completed in late August 2007. Subsequently, Alinta Limited was delisted from the Australian Securities Exchange in September 2007. The company was split into the following businesses:

  • Alinta, retaining the West Australian gas retail business
  • WestNet Energy, which provides asset management, operational, construction and maintenance services to the owners of the AlintaGas Networks gas distribution system in Western Australia; and to the owners of the Dampier to Bunbury Natural Gas Pipeline. It is also a major contractor in overhead and underground electricity cabling.
  • Alinta LGA, renamed to Jemena on 4 August 2008, which manages energy infrastructure assets in the eastern states of Australia including Queensland and New South Wales gas pipelines and gas and electricity distribution networks in Victoria.[8]

Since the restructuring Alinta has continued to grow and diversify to become one of Australia's largest energy companies. Alinta has been a key investor of Australia's renewable energy projects. It plans to build the World’s largest offshore wind farm, a 50MW solar thermal plant at Port Augusta in South Australia in 2013.

See also[edit]

References[edit]

  1. ^ a b Alinta Energy Group Annual Report 2010. 
  2. ^ "Alinta Scheme Implemented" (Press release). ASX. 2007-08-31. Archived from the original on 7 September 2007. Retrieved 2007-09-05. 
  3. ^ Alinta Limited (2007-01-18). "AAN Compulsory Acq. Notice for remaining AIH Securities" (PDF). Australian Stock Exchange. Retrieved 2007-01-31. [dead link]
  4. ^ "Alinta Ltd merger with the Australian Gas Light Company (AGL) - October 2006". Australian Taxation Office. 2007-01-18. Retrieved 2007-01-31. 
  5. ^ Michael Evans (2007-01-10). "Management 'cherry-picking' Alinta". Sydney Morning Herald. Archived from the original on 13 January 2007. Retrieved 2007-01-31. 
  6. ^ "Australia's Alinta recommends US$6b bid by Babcock, Singapore Power". Channel NewsAsia. 30 March 2007. 
  7. ^ "SingPower group in $17b buyout of Aussie firm". The Straits Times. 30 March 2007. 
  8. ^ Alinta.net.au

External links[edit]