Industry Energy Website Official website Type of business AST SGX: X04 (ASX) | Area served Victoria Headquarters Australia | |
Products Electricity transmission and distribution; gas distribution Stock price AST (ASX) A$ 1.63 +0.02 (+1.24%)2 Mar, 4:10 PM GMT+11 - Disclaimer Predecessor State Electricity Commission of Victoria Profiles | ||
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:
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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.
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Legal issues
The 2009 Victorian Bushfires Royal Commission found that the Kilmore East part of the February 2009 Black Saturday bushfires in Victoria;
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.
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. It has been noted as being "the biggest class action settlement in Australian legal history". The previous highest payout was $200 Million in Kirby v Centro Properties Limited (No 6) [2012] FCA 650 (19 June 2012).