07/07/05 – ENERGYAUSTRALIA AND IPRA

IPRA has paid A$60 million for its share of the partnership, which comes into effect today (7 July 2005). The partnership, based in Melbourne, will target residential and commercial and industrial customers.

The business – which will operate under the EnergyAustralia brand – is expected to be earnings positive in its first year of operation.

EnergyAustralia is one of the country’s largest energy retailers with about 1.5 million customers in NSW, Victoria, South Australia and the ACT. It also operates Australia’s largest electricity network, servicing more than three million people in Sydney, the NSW Central Coast, Newcastle and the Hunter. EnergyAustralia has about 200,000 retail gas and electricity accounts in Victoria and South Australia, secured since entering these markets in 2003.

International Power plc is a leading global independent electricity generating company with equity interests in 37 power plants in 17 countries totalling about 27,000 MW of installed capacity. Of this, IPRA owns and operates approximately 4,000 MW of renewable, gas-fired and brown coal-fired power plant in Victoria, South Australia (SA) and Western Australia.