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(proof version) The Board resolved in accordance with section 120 of the Water Act 1989 to set a procedure in relation to voting by directors at Board meetings. In this regard it resolved to reactivate the obligation of the previous Schedule 2 of the Water Act 1989 whereby directors were required to vote on a question unless prohibited from doing so due to a pecuniary interest. G-MWs Corporate Governance Manual will be amended accordingly.
(Full Article)The Australia national gas Bulletin Board (BB) commenced operation on 1 July 2008. It was hoped Western Australia and the Northern Territory would join the Bulletin Board (and Short-Term Trading Market when it was established).
(Full Article)No trades were reported in AUEs in the week to 25 August 2008.
(Full Article)The NSW employment guarantee for generation staff - of five years - was longer than that offered in any of the previous privatisations and Government restructurings reviewed. The NSW Auditor-General looked at employee transfer packages as sixteen privatisations and Government restructurings in New South Wales and Queensland, and reported the NSW electricity sales set new heights.
(Full Article)Reading between the lines of the NSW Auditor-General’s Report to the Legislative Assembly, warnings appeared, that the carbon market may render NSW generators un-sellable. The A-G referred to this as “material unquantifiable risk”.
(Full Article)The sale of the state-owned EnergyAustralia, Macquarie Generation, Integral Energy, Delta Electricity, Country Energy, and Eraring Energy was planned to follow the passing of the sale bill.
(Full Article)Buyers will not want a standalone retailer; and NSW should sell a retailer and a generator together as a retailer is unlikely to be attractive...due to its asset-light nature, lack of long term predictable cash flow and limited debt capacity”.
(Full Article)The trend was once again a downward one as the spots and Cal09s came off further. The spot market has now softened to a level ($6.00) that it has not breached since January.
(Full Article)A QGC-takover of Sunshine would turn QGC into a big player in the National Electricity market. It had two gas baseload plants in development and planned more, it said.
(Full Article)The lower REC prices also mean that the Cal 08 strike levels are significantly below the $57.00 tax effective penalty.
(Full Article)REC values continue to slide.
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