Business & Finance

Origin Energy Completes Powercor Retail Acquisition

June 1st, 2001

Origin Energy (ASX:ORG) today announced it had successfully completed its acquisition of the electricity retail business from Powercor Australia Limited. The acquisition reinforces Origin Energy's position as one of the leading energy providers in Australia, and will take its total customer base to nearly 1.8 million homes and businesses.

Origin Energy's Managing Director, Mr Grant King, indicated that Origin Energy would continue to take advantage of its integrated position across the energy supply chain to extract maximum benefits from this initiative. "This acquisition, combined with our strong positions in natural gas production and power generation, ensures that Origin has the necessary expertise and capabilities to successfully compete in a contestable market.

"South east Australia is an attractive region for growth. With the recent discovery of the Thylacine gas field, the proposed development of Yolla and the South Australia to Victoria pipeline, Origin Energy is well placed to identify and develop further growth opportunities in this area and leverage its strong retail position," Mr King concluded.

The immediate focus of Origin Energy will be to integrate the electricity retail business with its gas retail business in preparation for retail contestability. This will provide the company with a strong platform for dual fuel offerings and the provision of other value added products and services across one of Australia’s most densely populated areas.

Origin Energy also announced it had appointed Mr Peter Vines to the position of Executive General Manager, Retail with responsibility for natural gas and electricity retail markets. Peter joins Origin Energy from Powercor Australia, where he was Executive Director and brings over 18 years experience in the electricity industry.

Powercor's wholesale marketing and trading activities will be integrated into Origin Energy’s existing gas and electricity Wholesale & Trading Group headed by Ms Karen Moses. Karen will also be responsible for the company’s LPG business.

Mr Anthony Wood who previously was responsible for the gas retail markets, has been appointed to the position of General Manager, Public and Government Affairs.