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Sumitomo Group, Kansai Electric Power Acquire Autralian Power Business.

Tokyo, Feb 15, 2013 - (JCN) - Sumitomo Corporation and Sumitomo Australia Pty Ltd, together with The Kansai Electric Power Co., Inc. have purchased the Bluewaters plants in Australia and will jointly manage the acquired electricity business.

The Bluewaters plants are located approximately 180 km south of Perth, the State capital of Western Australia and combined are one of the State's largest-scale coal-fired power stations, with a total output of 416 MW. Since their commencement of commercial operation in 2009, the plants have been providing reliable operation as a major local power supplier.

The Sumitomo Corporation Group has obtained the relevant equity interest from Australia-based Griffin Energy Group Pty Ltd, which will be held by Summit Southern Cross Power Holdings Pty Ltd, a wholly owned subsidiary of the Sumitomo Corporation Group.

Bluewaters represents the second power plant project involving the Sumitomo Corporation Group in Western Australia, following the purchase of a stake in the 320 MW Kwinana natural gas fired combined cycle power plant in 2009. The total capacity of the two power stations accounts for around 13 percent of the State's total, meeting the demand of approximately 800,000 households.

With the recent acquisition, while expanding its presence as a private business in the local Western Australian electricity supply market, the Sumitomo Corporation Group now holds a combined equity-based share of about 6,000 MW in power generation capacity throughout the world.

In line with a burgeoning local economy driven by increasing trends in global resource demand, the State's annual electricity demand is expected to rise at an annual average rate of about 3 percent over the next 10 years.

The Sumitomo Corporation Group intends to manage the Bluewaters business by drawing on know-how accumulated in the Kwinana project and focusing on efficient management of the two stations, thereby continuously contributing to the growth of Western Australia's electricity industry and local communities.

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Publication:JCNN News Summaries
Geographic Code:8AUST
Date:Feb 18, 2013
Words:325
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