AusNet Services

AusNet Services
ASX: AST SGX: X04
Industry Energy
Predecessor State Electricity Commission of Victoria
Headquarters Melbourne, Australia
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]

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]

“ ... 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

  1. ↑ "What We Do - Energy Networks". AusNet Services. Retrieved 27 August 2014.
  2. ↑ Teague, Bernard; McLeod, Ronald; Pascoe, Susan (July 2010). "Chap.5". THE KILMORE EAST FIRE (PDF - 1,478 KB). 2009 Victorian Bushfires Royal Commission; Final Report. Vol.1: The Fires and the Fire-Related Deaths: (1 ed.). p. 75. ISBN 978-0-9807408-2-0. Retrieved 6 February 2015. The fire 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. An electrical fault was recorded at 11:45. ... fatigue of the conductor strands was partly caused by the helical termination being incorrectly seated in a thimble. ... The conductor was probably 43 years old. ... A line inspection carried out in February 2008 had failed to identify the incorrectly seated helical fitting.
  3. ↑ Ferrier, Steph (6 February 2015). "Marysville bushfire class action: Black Saturday bushfire victims to get $300 million payout". ABC News (Australian Broadcasting Corporation). Retrieved 6 February 2015. Electricity company AusNet has announced a $300 million settlement with the Marysville victims of the Black Saturday bushfires.
  4. ↑ "Victims of Black Saturday fire launch class action". ABC News (Australia: Australian Broadcasting Corporation). 7 August 2012. Retrieved 6 February 2015. A class action will be launched in the Supreme Court today on behalf of victims of the Murrindindi bushfire on Black Saturday in 2009.
  5. ↑ "Black Saturday class action: Judge approves $494m Kilmore East bushfire settlement". ABC News (Australia). Australian Broadcasting Corporation. 23 December 2014. Retrieved 6 February 2015. Victoria's Supreme Court has approved a $494 million payout to victims of the deadly 2009 Black Saturday bushfires, in what is considered to be the biggest class action in Australia's legal history.
  6. ↑ "Black Saturday bushfire survivors secure $500 million in Australia's largest class action payout". ABC News (Australia: Australian Broadcasting Corporation). 15 July 2014. Retrieved 6 February 2015.
  7. ↑ "Record settlement in Black Saturday bushfires class action". marysvillecommunity.net. 15 July 2014. Retrieved 6 February 2015. At nearly $500 million, the payout is more than double the previous highest Australian class action settlement of $200 million in the Centro shareholder class action
  8. ↑ "Record payout over Australia Black Saturday fires". BBC News (Asia) (British Broadcasting Corporation (BBC)). 15 July 2014. Retrieved 6 February 2015.

External links

This article is issued from Wikipedia - version of the Friday, December 18, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.