International Power Acquires Additional 19.9 Percent of Hazelwood Power Station in Australia for `pound' 32.4 Million.Business Editors LONDON--(BUSINESS WIRE)--Nov. 13, 2000 International Power plc, announced an agreement for the acquisition of Scottish Power's 19.9% interest in the 1,600 megawatt (MW) Hazelwood power station in Victoria, Australia. The Aus$88 million purchase ((pound)32.4 million), increases International Power's ownership in Hazelwood to 91.8%, and strengthens the company's position as one of Australia's leading independent power generators. The transfer of ownership will be completed on November 17, 2000. Peter Giller, International Power's Chief Executive Officer, said, "We are very pleased to increase our ownership of Hazelwood, and expand our participation in Australia's competitive power markets." Giller added, "International Power is committed to Australia for the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. , and we look forward to producing increasing amounts of reliable electricity at affordable prices, while maintaining the highest standards of professionalism, environmental protection and social responsibility." Giller also said, "The purchase of this additional Hazelwood interest shows we are prepared to move quickly on our previously announced strategy to grow strong regional power businesses in Australia, Europe and North America." International Power is one of the world's largest independent electric generating companies with 6,400 megawatts (net) in operation, 4,500 MW (net) under construction and approximately 8,000 MW (net) in advanced development. Among the countries where International Power has operating facilities are Australia, the United States, the United Kingdom, the Czech Republic, Portugal, Spain, Turkey, Malaysia, Pakistan, and Thailand. International Power was created from the demerger demerger n (Comm) → Abspaltung f, Demerger m of National Power PLC, and its shares began trading independently on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and as ADRs on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on October 2, 2000. The ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors on both stock exchanges is "IPR IPR Intellectual Property Rights IPR Inprocess/Inprogress Review IPR Industrial Property Rights IPR Institute for Policy Research (Northwestern University and University of Cincinnati) IPR Institute of Public Relations ". Hazelwood is a mine-mouth, coal-fired generator, comprising eight 200MW units, located in the Latrobe Valley, Victoria and was commissioned progressively between 1969 and 1971. The Hazelwood Power Partnership, in which International Power will hold a 91.8% interest, owns the station and the mine. Hazelwood operates as a base load generator and sells its output through the National Electricity Market (NEM), contributing around 7% of the energy demand in the currently interconnected NEM (comprising New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. , Victoria, South Australia, Queensland and Australian Capital Territory Australian Capital Territory (1991 pop. 276,468), 939 sq mi (2,432 sq km), SE Australia, an enclave within New South Wales, containing Canberra, capital of Australia. It was called the Federal Capital Territory until 1938. ). International Power also owns and operates the Pelican Point and Synergen generating facilities in South Australia. Pelican Point is a new 500 MW combined-cycle gas turbine (CCGT CCGT Combined Cycle Gas Turbine CCGT Chicago Center for Green Technology CCGT Combined-Cycle Generating Technology CCGT catalytic combustion gas turbine ) power station, which is being commissioned and recently met a November 2000 deadline for having 150 MW of capacity on line. Pelican Point, Australia's most modern CCGT, is expected to reach full commercial operation by April, 2001. In May of this year, International Power acquired the Synergen peaking units from the South Australia state government. Synergen's 350 MW of gas and distillate dis·til·late n. A liquid condensed from vapor in distillation. distillate a product of distillation. capacity near Adelaide, together with Hazelwood and Pelican Point, provides International Power with an unrivalled diversity of generation capacity in the Australian power market. In addition, International Power maintains a trading and marketing operation in Australia that is responsible for risk management, electricity hedging and trading, and overall trading strategy for the company's Australian generating assets. |
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