16/08/07 – IPRA COMPLETES ACQUISITION OF AUST RETAIL PARTNERSHIP

Further to our announcement on 25 May 2007, International Power has successfully completed the acquisition of the remaining 50% of the EnergyAustralia and International Power (Australia) retail energy partnership. 

International Power has paid A$142 million (£59 million) in cash to EnergyAustralia for the remaining 50% share of the partnership from existing liquid resources. Following the completion of this transaction the business will be called Simply Energy.

The business sells electricity and gas to retail customers in Victoria and South Australia and now has more than 400,000 power and gas accounts, providing an effective additional route to market for International Power Australia.

Simply Energy web site address: http://www.simplyenergy.com.au