Abstracts » Business, international

Guyana power uncertainty

Article Abstract:

There has been a setback to the privatization of Guyana Electreicity Corp., due to the depreciation of the Guayana dollar and increased political tension in the country. The consortium, which is to buy a 50% stake in the electricity utility, has decided to invest less capital in the company, instead of the $23 million that was previously agreed upon. According to the consortium, the agreed level of a 23% return on its investment could not be realized if it had invested the $23 million. The consortium was formed by the Commonewealth Development Corporation of the UK and the Electricity Supply Board of Ireland.

Government domestic functions, Guyana, Planning, Economic policy, Privatization, Privatization (Business), Guyana Electricity Corp.

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Edison Mission bags Contact Energy

Article Abstract:

A 40% interest in Contact Energy Ltd of New Zealand has been acquired by Edison Mission Energy for $661.1 mil, or $2.7 per share. However, Contact Energy, which is an integrated energy company, has incurred a large indebtedness due to the substantial acquisition of assets in 1999, and the earnings of these assets will not be seen until the year 2000. An initial public offering is being planned by the New Zealand government to privatize Contact Energy for May 14, 1999.

United States, Acquisitions & mergers, Electric Power Generation, Thermal Electric Power, New Zealand, Investigations, Securities, Thermal power plants, Contact Energy Ltd., Edison Mission Energy

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Singapore power sale cancelled

Article Abstract:

Temesk Holdings, the investment arm of the Singapore government, has decided not to sell 60% of Tuas Power as previously planned. The decision is the result of a review of the power industry. The government envisages a separation of power generation from distribution.

Asset sales & divestitures, Singapore, Temasek Holdings Private Ltd., Tuas Power Private Ltd.

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