Electricity Reform Abroad and U.S. Investment

Endnotes

  1. Australia has six states--Victoria, New South Wales, Queensland, South Australia, Western Australia, Tasmania--and two mainland territories--Australian Capital Territory and Northern Territory.
  2. Victoria, New South Wales and the Australian Capital Territory are the only states and territory that are currently interconnected to form a grid.
  3. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996), p. 1.
  4. Electricity generation is fueled mainly by coal in all the states of Australia except in Tasmania. Electricity generation in Northern Territory is also fueled mainly by coal. Ninety percent of Tasmania's electricity generation is supplied by hydropower. South Australia rely heavily on gas turbine combustion. The Snowy Mountains Hydro-electric Scheme contributes 11 percent of the total electricity generation in Australia.
  5. Australian Bureau of Statistics, Year Book Australia 1997 (Canberra, New South Wales, 1997), p. 445; International Energy Agency, Energy Policies of IEA Countries: 1996 Review (Paris, France: Organization for Economic Cooperation and Development, 1996) p. 108; and Australian Electricity Task Force, Summary of Electricity Market Reforms in Australia (May 1997), p. 1.
  6. N. Cain, "Australia-Power Generation Profile," 1995 Trade Data Bank: Market Reports (December 14, 1995), p. 2.
  7. N. Cain, "Australia-Power Generation Profile," 1995 Trade Data Bank: Market Reports (December 14, 1995), p. 2.
  8. N. Cain, "Australia-Power Generation Profile," 1995 Trade Data Bank: Market Reports (December 14, 1995), p. 2.
  9. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996), p. 1.
  10. In this paper it is assumed that the exchange rate is US $0.74 equal A $ 1.00 currency.
  11. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996), p.1.
  12. Organization for Economic Cooperation and Development, "Electricity Supply Industry: Structure, Ownership and Regulation in OECD Countries, Part 3 Country Annexes" (1994), pp. 162 and 163.
  13. Empowering the Market: National Electricity Reform For Australia, (Melbourne, Victoria:National Grid Management Council, 1995), p. 2 and 3.
  14. The National Electricity Code.
  15. International Energy Agency, Energy Policies of IEA Countries: Australia (Paris, France: Organization for Summary of Market Reforms in Australia, March 1997) Chapter 8.
  16. Organization for Economic Cooperation and Development Economic Surveys: Australia 1996 - 1997 (December 1996), pp. 123 and 191; and Council of Australian Governments, "Communique," Canberra, New South Wales (April 11, 1995).
  17. International Energy Agency, Energy Policies of IEA Countries: Australia (Paris, France: Organization for Summary of Market Reforms in Australia, March 1997) Chapter 8.
  18. The national electricity grid is the combination of all the electricity poles, wires and cables within the southern and eastern states of Australia-- New South Wales, Victoria, South Australia, Queensland, Tasmania, in addition to the Australian Capital Territory. Western Australia and the Northern Territory are not involved in the national electricity market due to distance and cost factors.
  19. Organization for Economic Cooperation and Development Country Analysis: Australia (March 1997), p. 93.
  20. "Australian States Agree on Route for Electricity Grid Link," Dow Jones Newswire (June 6, 1997), p.1.
  21. Organization for Economic Cooperation and Development Country Analysis: Australia (March 1997), p. 93.
  22. The first phase of the national electricity market was expected to begin in 1995 and was later rescheduled to 1996. VPX: Market Update, March 1997 vol 3 Issue 2;
  23. Empowering the Market: National Electricity Reform For Australia, (Melbourne, Victoria: National Grid Management Council, 1995), p. 7.
  24. Electricity Legislation And Codes - Australia,
  25. Some of the generation power plants are publicly owned, such as Electricity Trust of South Australia and some are privately operated, such as Mission Energy's Loy Yang B plant.
  26. Market Trading Working Group, Restructuring of the Electricity Supply Industry in Australia, (National Grid Management Council, September 1995), http/www/energyonline.com/Restructuring/models/2austtoc.html.
  27. Ibid.
  28. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996).
  29. Choice of Electricity Retailer: For Customers with Consumption Greater than 750 MWh per year (Victoria: Office of the Regulator-General, Victoria, February 1996).
  30. Choice of Electricity Retailer: For Customers with Consumption Greater than 750 MWh per year (Victoria: Office of the Regulator-General, Victoria, February 1996).
  31. UtiliCorp United will manage the utility operations and hold a 49.9 percent ownership interest and the remainder of the ownership will be owned by AMP Investments with almost 41 percent and State Superannuation Investment and Management Corporation with 9 percent.
  32. "UtiliCorp Says Earnings of Australian Electric Operations Exceed Expectations," Business Wire (May 15, 1996); and "UtiliCorp Expand Again, Wins Australian Utility Bid," The Energy Daily (August 8, 1995).
  33. "UtiliCorp United Plans to Bid on More Projects in Australia," Kansas City Business Journal (August 18, 1995), Section 1, p. 4.
  34. "GPU Subsidiary Energy Initiatives to Acquire Half Ownership of Solaria Power Ltd., an Electricity Distribution Business in Australia," Business Wire (October 30, 1995), p. 1.
  35. "T. U. Beats Out PG&E and PacifiCorp for Eastern Energy of Australia," Electric Utility Week (November 20, 1995), p. 15.
  36. "PacifiCorp Hikes Australian Presence by Acquiring Share of 1,600-MW Plant," Electric Utility Week (August 12, 1996), p. 15.
  37. "1995: The Year In Review," The Energy Daily ( January 2, 1996); "Entergy Opens Sydney, Australia Office," PR Newswire ( September 19, 1996); and "Global Expansion," Electric Light & Power ( January 1996).
  38. "Australia: Loy Yang B Sale Slashes Victoria's Risk Exposure," Dow Jones Newswire (May 5, 1997), p. 1.
  39. "PacifiCorp Hikes Australian Presence by Acquiring Share of 1,600-MW Plant", Electric Utility Week (August 12, 1996), p. 15.
  40. Northern States Power, Central and South West, Consumers Power affiliate CMS Generation, American Electric Power, Public Service Electric and Gas affiliate Community Energy Alternatives, and Duke Power. "U.S. Utilities Dominate Shortlist for 1,450-MW Plant in Australia", Electric Utility Week (December 18, 1995).
  41. "PacifiCorp Hikes Australian Presence by Acquiring Share of 1,600-MW Plant", Electric Utility Week (August 12, 1996), p. 15.
  42. "CMS, NRG Energy and Horizon Energy Australia Investments Close on Acquisition of Australia's Loy Yang A Plant and Coal Mine", PR Newswire (May 12, 1997). Other bidders were Transpower, a subsidiary of U.S.-based AES Corporation, in a consortium with Singapore Power Ltd. and U.S.-based American Electric Power and China Light Power.
  43. "CMS-Led Group in Australian Power Plant Deal," New York Times (April 23, 1997), p.
  44. "Mission to Buy Rest of Lo-Yang B," Power In Asia (April 7 1997), p. 25; and (January 13, 1997), p. 29.
  45. "Victoria $10bn Power Sale," Power In Asia (January 13, 1997), p. 29; and "Victoria to Sell," Power In Asia (May 5, 1997), p. 26.
  46. "Electricity Generation, Structural and Regulatory Reform in Australia,"Australian Commodities, Vol 2, No. 3(September 1995), pp. 358-373.
  47. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 1996). IEA Countries: Australia, p. 91.
  48. Australia's NSW Welcomes Foreign Buyers In Electricity Sale," Dow Jones Newswire (May 27, 1997), p. 1.
  49. "Australia: NSW Electricity Sale Faces Opposition-Amplifier," Dow Jones Newswire (May 27, 1997), p. 1.
  50. "Australia's NSW Welcomes Foreign Buyers In Electricity Sale," Dow Jones Newswire (May 27, 1997), p. 1.
  51. "Deals of the Year: The Annual Financing Review - Project Finance," Asia Money (February 1996), pp. 37-46. The Smithfield plant is the largest co-generating plant in Australia.
  52. Sithe Energies, Inc., Securities and Exchange Commission Form 10-K, 1995, p. 3. Cogeneration is the simultaneous production of two or more useful forms of energy, such as electricity and steam, from a single primary fuel source.
  53. "Transfield Set for 160 MW Congen Unit for NSW," Power In Asia (April 28, 1995), p. 25.
  54. "Energy Australia Sells Out of $215 mln Botany Project," Asia Pulse (March 20, 1997); and "Air Liquide to Build Australia's Biggest Combined Heat and Power Plant," European Report (May 29, 1996).
  55. Corporatized - the entity will remain in the public sector with a board nominated by the states but their functioning and legal obligations are identical to those in the private sector.
  56. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996); and "Introducing Competition in A.C.T. Electricity Retailing," A.C.T. Government, Department of Urban Services (December 1996).
  57. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 19. 1996), p. 24.
  58. "Australian States Agree on Route for Electricity Grid Link," Dow Jones Newswire (June 6, 1997), p.1.
  59. "Queensland Energy Minister Decides Not to Sell 5,316-MW Austa Electric," Independent Power Report ( December 27, 1996).
  60. "BHP Unit Cleared by W.A.," Power In Asia (May 15, 1995), p. 24.
  61. "Australia: Queensland Electricity Mkt On Track - Minister," AP-Dow Jones News Service (April 23, 1997).
  62. "Shell Makes Move to Sell Power," Power In Asia (April 7 1997), p. 25.
  63. "Progressive Change," Independent Energy (July/August 1996), pp. 27-31.
  64. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 19. 1996), p. 24.
  65. John Landels AC, "National Electricity Market Developments in Australia" (National Grid Management Council, Australia: June 1997). Paper presented at the Edison Electric Institute.
  66. Transgrid, NEM1: Gateway to the National Electricity Market (Implementation Edition, May 1997), http://www.tg.nsw.gov.au/sem/doc/reports/nem1-gateway/(May, 1997).
  67. The San Diego Union-Tribune (February 25, 1997), p. C1.
  68. "CMS Energy's International Gas Pipeline Unit Acquires Western Australia Natural Gas Pipeline Serving Perth," PRNewswire (May 9,1997).
  69. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996), p. 24.
  70. John Landels AC, "National Electricity Market Developments in Australia" (National Grid Management Council, Australia: June 1997). Paper presented at the Edison Electric Institute.
  71. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996), pp. 6-11.
  72. National Electricity Code, Chapter 3.9.
  73. Organization for Economic Cooperation and Development, Country Analysis: Australia (March 1997), p. 96.
  74. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia," (July 9, 1996), p. 96.
  75. Organization for Economic Cooperation and Development, Country Analysis: Australia (March 1997), p. 96.
  76. State regulator control in Queensland and Australia Capital Territory will both end in June 1999; and South Australia in December 2000. Source: National Electricity Code, Chapter 6.2, http//www.electricity.net.au/code_r.htm.
  77. National Electricity Code, Chapter 6.10, http://electricity.net.au/code_r.htm.
  78. National Electricity Code, Chapter 6.10, http://electricity.net.au/code_r.htm.
  79. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia," Regulator General Victoria, Australia (July 9, 1996).
  80. Australia is also currently undertaking efforts to deregulate its natural gas industry. Natural gas is expected to increase its share of the electric utility industry's fuel market.
  81. United States Department of Commerce, Bureau of Economic Analysis, Survey of Current Business, various issues.
  82. H. A. Poniachek, Direct Foreign Investment in the United States, (Lexington, Massachusetts:Lexington Books), p. xi.
  83. United Nations Conference on Trade and Development, World Investment Report 1996, Investment, Trade and International Policy Arrangements, (New York, New York: United Nations, 1996).
  84. "PacifiCorp Hikes Australian Presence by Acquiring Share of 1,600-MW Plant," Electricity Utility Week, (August 12, 1996), p. 15.
  85. "International Investing by U.S. Utilities", Institutional Investor, Inc.(October 1996), p. 3.
  86. "NSW Takes the Low Road," Power In Asia (February 10, 1997), p. 26.
  87. Robin Davey, APEC Electricity Regulators' Forum, Summary Submission: Australia (July 9, 1996).
  88. "Customer Feedback on Victoria's Competitive Electricity Market: A Report on the ACM Survey of Contestable Electricity Customers," Australian Chamber of Manufactures, (November 1996).

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