Baker & McKenzie Advises the NSW Government on the A$5.3 Billion NSW Electricity Reform Project
17 December 2010
Sydney, Australia, 17 December 2010 – Baker & McKenzie has acted as lead legal advisor to the New South Wales Government for the NSW electricity reform project. The reform project involves the sale of the electricity and gas retail businesses Country Energy, EnergyAustralia and Integral Energy; the sale of gentrader rights for Delta Electricity and Eraring Energy; the sale of various generation development sites; and associated reform of the NSW electricity sector.
The transaction was signed on Tuesday 14 December 2010 for a total value of A$5.3 billion.
Origin Energy has purchased the retail arms of Integral Energy and Country Energy from the NSW Government for A$2.3 billion. Origin paid a further A$950 million for the output of Eraring Energy, which operates power stations on Lake Macquarie and in Shoalhaven. TRUenergy acquired EnergyAustralia's retail business, the electricity trading rights for Mount Piper and Wallerawang coal-fired power stations, and three power station development sites for A$2.035 billion.
Baker & McKenzie partner Chris Saxon led the extensive Baker & McKenzie team, together with Energy and Resouces partners David Ryan, David Egan, Michael Kunstler and Chris Hughes, Banking & Finance partner Ken Gray, and Competition partner Andrew Christopher.
Speaking about the transaction, Chris Saxon said, "We were delighted to assist the NSW Government execute its electricity reform project. Many partners, lawyers and staff at Baker & McKenzie contributed to the project, and we are pleased to have supported the Government's goals in this significant market-leading transaction."