November 1992: The Kennett government picks up the Kirner Government's tortuous privatisation process of the Loy Yang B power station and sells 49 per cent to Mission Energy for $1.3 billion with an over-priced long term supply contract. CS First Boston's Nick Johnson advised the government and Macquarie's Jim McMeckan advised Mission.
October 1993: Boral outbids Santos to secure South Australian gas distributor Sagasco for $816 million.
March 1994: Gladstone Power Station, Queensland's biggest, was sold by the Goss government to Comalco, NRG and a group of aluminium traders. At the time it was the largest private power acquisition in the world but had the safety of a long-term power supply deal back to the government. UBS advised the government and JP Morgan did Comalco.
June 1994: Keating government completes the $500 million sale of the Moomba to Sydney gas pipeline to AGL with 51 per cent and GasInvest with 49 per cent. Alan James from Bain & Co (now Deutsche Bank) advised the government.
March 1995: The Queensland Government awarded a $130 million contract to NRG and Transfield to refurbish and recommission the Collinsville coal-fired power station.
May 1995: Texas-based Tenneco joined with Santos to buy the Pipelines Authority of South Australia from the SA government for $304 million with Alan James from Bain & Co advising the government.
August 1995: Kansas City-based Utilicorp, AMP and NSW State Super buy Victorian electricity distributor and retailer United Energy for $1.553 billion from the Kennett Government. Deutsche's Alan James and Peter Berry from UBS advised the buyer and John Wylie and Andrew Leydon from CS First Boston advised the Kennett Government as they did for about 14 different privatisation deals listed further down.
August 1995: Kennett Government sold gas exploration division GFE Resources for $56.2 million to Cultus Petroleum. Most of the territory is now owned by Origin Energy.
September 1995: AGL and US company GPU pay $950 million for Solaris Power, the smallest of the five Victorian electricity distributors based in Melbourne's western suburbs. Morgan Stanley's Nick Johnson advised AGL-GPU and CSFB advised the government as usual.
November 1995: Powercor, the largest Victorian distributor covering the western half of the state, sold to US utility PacifiCorp for $2.15 billion. It was advised by BZW's Richard Elmslie.
December 1995: Texas Utilities buys Eastern Energy for $2.08 billion with mandate originated out of Lloyds NZ by Alan Young in conjunction with Richard Somerville and Mark Cross at Lloyds Australia.
December 1995: Citipower bought by New Orleans-based utility Entergy for $1.57 billion with advise from Hambros' David Williams.
March 1996: PowerGen of Britain leads a consortium including Itochu, AMP, Hastings and NSW State Super which paid $2.43 billion for the 1800 megawatt Yallourn power station in the Latrobe Valley. The buyers were advised by Peter Berry from UBS.
August 1996: Britain's National Power and its US partners Destec and PacifiCorp paid a ridiculous $2.3 billion for the 30-year old Hazelwood Power station in the Latrobe Valley and it was BZW's Richard Elmslie who advised on this deal.
April 1997: Edison Mission Energy renegotiates long term power sale deal done with Kirner and Kennett governments and takes over a $1.1 billion liability and 100 per cent ownership of the 1000 megawatt Loy Yang B power station in the Latrobe Valley. Macquarie advised Edison again and CSFB advised the government.
April 1997: Chicago-based NRG and fellow US utility CMS team up with adviser Macquarie Bank to buy Loy Yang A for a staggering $4.85 billion with Macquarie advising the buyers.
October 1997: US utility GPU pays an excessive $2.55 billion for monopoly transmission company Powernet Victoria. JP Morgan's Chris Sadler advised GPU.
November 1997: Infratil and NZ company Contact Energy pay $391 million for Southern Hydro, Victoria's small hydro power outfit. Bruce Harker from Morrisons in New Zealand advised Contact.
January 1998: AGL buys out Energy Initiatives, its 50% partner in Victorian electricity distributor Solaris, for $219 million, giving it a 58 per cent profit on its equity as the original $950 million acquisition in 1996 was heavily geared.
March 1998: AMP and Utilicorp partially float United Energy raising $390 million and confirming a 20 per cent plus profit on their initial $1.553 billion purchase in August 1996. Float led by Alan James and Mark Cross of Deutsche Bank and JB Were.
March 1998: Epic Energy, a consortium including American power giants El Paso and Consolidated Natural Gas, along with AMP, NSW State Super and Hastings, pay a ridiculous $2.47 billion for the Dampier-to-Bunbury natural gas pipeline. Andrew Sutherland from JP Morgan advised the WA Government and Alan James and Ross Johnstone from Deutsche advised the over-zealous buyers who later went into receivership.
Mid-1998: BHP sold off the Port Hedland and Newman power stations in WA to Duke Energy.
November 1998: Citipower sold by New Orleans-based Entergy for $1.7 billion to fellow US utility AEP, booking a tiny profit. Peter Berry from UBS advised Entergy and John Wylie and Andrew Leydon from CSFB got a second crack at this asset for the buyers after selling it the first time for the Kennett Government.
February 1999: Texas Utilities buys the first of three Victoria gas retailers and distributors, Westar/Kinetik, for $1.62 billion. Ross Johnstone, Alan Young and Rob Bishop from Deutsche advised the Texans.
March 1999: American group Utilicorp and its local partner, AMP, paid $1.97 billion to snare the second of Victoria's gas retailers and distributors, Miltinet/Ikon. Alan James from Deutsche was the Utilicorp adviser as usual whilst Wylie and Leydon had the usual government brief.
March 1999: Boral and Envestra buy the third Victorian gas distributor and retailer, Strataus/Energy 21, for $1.67 billion which is now part of the Boral spin-off Origin Energy. Macquarie Bank advised Boral/Envestra thanks to the Tony Berg connection.
April 1999: Ecogen Energy, owner of Victoria's two small gas-fired power stations, sold by Kennett Government to US utility AES for $350 million.
May 1999: Gasnet, Victoria's monopoly gas transmission business, sold to GPU for $1.025 billion in the last of the Kennett sales. Wylie and Leydon stood back and let CSFB's Kyle Mangini handle this sale, whilst GPU was advised by one of the JP Morgan's predecessor firms, Ord Minnett or Chase.
June 1999: the final Kennett Government privatisation saw Queensland's controversial state-owned energy company Energex pay $29.25 million for the rights to buy 10 petejoules of gas from Gascor for the next four years until the market was fully contestible. This was Alan Stockdale's way of trying to bring a fourth competitor into the gas market.
December 1999: Li Ka-Shing led Cheung Kong Infrastructure and Hong Kong Electric Holdings pays $3.5 billion for ETSA transmission and distribution assets. CKI/HKEK were advised by ABN Amro and Ray Spitzley from Morgan Stanley advised the SA Government.
1999-2000: Alliant Energy Corporation progressively bought Southern Hydro's three partner companies that formed the Southern Hydro Partnership, having bought the Contact Energy share in 1999 and the Infratil share in 2000.
January 2000: AGL pays $175 million to Hong Kong-based CKI for South Australian electricity retailer ETSA Power.
February 2000: Shell, United Energy (AMP and UtiliCorp) and Woodside put retail gas and electricity assets into Pulse Energy with Mark Cross and Alan James from Deutsche providing the advice. Ross Johnstone, Alan Young and Rob Bishop from Deutsche advised UtiliCorp.
February 2000: Boral demerges with its energy division Origin after advice from Macquarie Bank in a deal that eventually worked wonders for shareholders and vindicated Tony Berg's much-criticised tenure as CEO.
April 2000: United Energy spins off 34 per cent of telco division Uecomm in a float at $1.90 a share but it quickly tanks and the $1 billion float valuation promoted by advisers led by Alan James and John White of Deutsche Bank becomes a joke.
May 2000: Texas Utilities pays $295 million to the South Australian government for a 100 year lease to operate the 1280mW gas-fired Torrens Island power station. As usual, Ray Spitzley from Morgan Stanley advised the SA Government and Citibank's Chris Sadler helped the Texans out.
June 2000: GPU booked a $450 million loss when it sold its electricity transmission business, PowerNet Victoria, to Singapore Power for $2.1 billion. Sing Inc were advised by Morgan Stanley's Sheldon Trainor and Alan Young, then with Deutsche, advised the seller.
July 2000: AGL spins off its pipeline assets into the Australian Pipeline Trust with Catherine Brenner from ABN AMRO the leader investment banker on the deal.
October 2000:Utilicorp (now Aquila) and AMP pay $4.38 a share for a cornerstone shareholding in WA gas utility Alinta Gas before it is floated by the Court government at the knockdown price of $2.25 a share. Mark Cross from Deutsche advised the WA Government and AMP was the official advisor to Aquila back when George Trumbull was dreaming of building an inhouse investment banking team.
November 2000: China Light & Power progressively buys 92% of Yallourn power station for $1.84 billion as PowerGen, Itochu, AMP, Hastings and NSW State Super cop a $500 million loss. CLP advised by Bob Rawlinson from JP Morgan and the sellers were helped by Dresdner and Richard Elmslie from UBS.
November 2000: Queensland's Powerlink, ABB and Macquarie Bank form a consortium and pay $938 million for South Australia's electricity transmission company ElectraNet.
December 2000: Scottish Power sells Powercor for $2.32 billion, barely more than its 1995 sale price, to the Hong Kong consortium Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings. Having got to know Powercor when selling it, John Wylie and Andrew Leydon from CS First Boston advised Scottish Power and Richard Wagner from ABN Amro advised the Hong Kong duo.
April 2001: Origin Energy buys Powercor's 582,000-customer retail business from Lia Ka Shing's Hong Kong empire for $137 million as part of the deal with Scottish Power.
Mid-2001: The government-owned Tasmanian Hydro Electric Corporation hands 120mW Bell Bay power station to Duke Energy for conversion to natural gas, complete with a long term management contract.
Early 2002: The 840mW Millmerran power station in Queensland, the only one built by the private sector, is opened. The current owners are Intergen Australia, which is jointly owned by US firm InterGen and China Huaneng Group.
July 2002: AGL buys Pulse for $880 million from Shell, Woodside and United Energy. John Wylie and Andrew Leydon from Carnegie Wylie did the selling and JP Morgan advised AGL.
July 2002: AEP sells CitiPower to Li Ka-Shing led Cheung Kong Infrastructure and Hong Kong Electric Holdings for $1.53 billion, booking a $US125 million loss mainly because the Australian dollar was so low at the time. The retail assets were on-sold to Origin Energy. AEP was advised by Richard Wagner from ABN Amro.
August 2002: US company Edison Mission and Kiwi outfit Contact Energy open new $165 million, 300-megawatt Valley Power peaking plant at Loy Yang B.
October 2002: The Murraylink transmission line between Victoria and SA was commenced in a development which was a partnership of Hydro Quebec and SNC Lavalin.
December 2002: US utility AES sells its Mt Stuart power station in Queensland to Origin Energy for $93 million and its two Victorian gas-fired plants at Newport and Jeeralang to a consortium of Babcock & Brown and Prime Infrastructure Group for $202 million. However, AES booked a 40 per cent profit from the $104 million in equity it collected from the two deals, making it a rare winner.
January 2003: $1.5 billion Millmerran power station in Queensland begins operating. The 840mW station is the largest "greenfield" private investment in electricity generation in Australia (as opposed to purchasing an existing facility from a government utility). It was built by a InterGen/Shell-Bechtel joint venture and is owned by a partnership made up of InterGen, Marubeni, GE Capital, Tohoku Electric and EIF.
March 2003: Alliant Energy sells Southern Hydro to government-owned Kiwi utility Meridian for $550 million which was close to what they paid in 1999 and 2000 to another Kiwi company Contact Energy and utility company Infratil. Alan Young from Deutsche advised Meridian and Richard Wagner at ABN Amro advised Alliant.
April 2003: UtiliCorp (now Aquila) pockets $980 million selling its Victoria and WA electricity and gas assets to AMP and Perth-based Alinta Gas. Having brought UtiliCorp in, Alan James (now at Citibank) advised on the sale while Richard Elmslie at UBS advised AMP and Macquarie advised Alinta.
July 2003: The giant Loy Yang A power station in Victoria conditionally sold by CMS-NRG-Horizon for $3.5 billion to a consortium including AGL, Tokyo Electric and the Commonwealth Bank for $3.5 billion, crystallising a $1.4 billion loss in just 6 years. The deal was finally approved and completed in April 2004. Jeremy Kirkwood from Morgan Stanley (Alan Stockdale's former chief of staff) advised CMS-NRG and JP Morgan advised the AGL consortium.
February 2004: China Huaneng Group, advised by Alan Young from Deutsche, bought 50% of InterGen Australia for $700 million. Rob Shorten (then ANZ) advised InterGen.
March 2004: Alinta paid $1.69 billion for US company Duke Energy's gas pipeline and power plants in Australia and New Zealand. Macquarie Bank advised Alinta and JP Morgan's David Dipilla helped out Duke.
April 2004: Westpac-controlled Hastings Funds Management pays $663 million for a portfolio of gas pipelines from troubled Epic Energy which simultaneously toys with receivership after failing to sell its main WA asset. John Wylie and Andrew Leydon from Carnegie Wylie advsied Epic whilst Westpac and Hastings didn't need external advice as it was a related party transaction.
April 2004: Singapore Power buys TXU's Australian business for $5.1 billion, booking a $513 million profit although the business repatriated no dividends back to Texas during its eight year operation. CSFB's Nick Schiffer advised the Texans and Sheldon Trainor from Morgan Stanley advised the Singaporeans.
July 2004: Origin Energy bids $2.5 billion for Contact Energy, New Zealand's largest listed power generator, but only ended up with 51 per cent for a cost of about $1.5 billion. Alan Young, formerly Deutsche and now running JP Morgan, advised Origin.
July 2004: The Babcock-managed Prime Infrastructure Group paid $442 million for a 53.7% share of Powerco Ltd, New Zealand's second-largest energy networks company, giving it an enterprise value of $1.7 billion.
September 2004: Alinta, Alcoa and the recently listed Diversified Utilities Energy Trust, backed by Macquarie Bank and AMP Capital, buy the Dampier to Bunbury Natural Gas Pipeline – Australia's biggest gas transmission system – in a deal that pays out the $1.85 billion bank debt owed by Epic Energy.
March 2005: Singapore Power sells the Victorian retail and generation assets formerly owned by TXU to China Light and Power for $2.2 billion. Dan Walters and Philip Jackson from JP Morgan advised CLP.
April 2005: Spanish conglomerate Acciona bids $870 million for renewable energy company Pacific Hydro, but is then trumped by Gary Weaven and a group of industry funds which held a 30% stake and paid $5 a share for the rest. Carnegie Wylie advised Pacific Hydro, Citigroup advised the Spanish and Craig Jensz from Gresham advised IFM.
September 2005: China Light & Power invests $110 million for a 50% stake in Hydro Tasmania's Roaring 40s Renewable Energy business.
October 2005: $700 million raised in the public float of Alinta Infrastructure.
November 2005: AGL pays $1.5 billion for Southern Hydro's renewable business of 737mW of power across Victoria, NSW and South Australia.
November 2005: Hong Kong conglomerate CKI announes float of 50% of Victorian and South Australian electricity distribution businesses in a $1.5 billion-plus raising through a float of Spark Infrastructure. Deutsche Bank provided the advise.
November 2005: Singapore Power raised $1.3 billion though the sale of 49% of its largely Victorian gas and electricity assets in a partial float of a business called SP Ausnet.
December 2005: Ergon Energy announce a $103 milliion takeover of Victorian-based power retailer Australian Energy Limited, trading as Powerdirect.
December 2005: NSW government announces plans to float its 58% stake in the Snowy Mountains Hydro-Electric scheme with JP Morgan managing director Alan Young providing the advise. Alas, Alan Jones cans the deal.
February 2006: AGL releases information memorandum for demerger to create separate energy and infrastructure companies.
February 2006: Origin unveils complex dual listed company structure to mop up the rest of New Zealand subsidiary Contact Energy.
February 2006: AlintaGas splashes more than $1.2 billion building a blocking stake in AGL and then proposes its own merger and then separation to create an energy and infrastructure arm.
March 2006: Australian Pipeline Trust buys the 180km underground Murraylink power connector linking the Victorian, South Australian and NSW power markets for $153 million. APT was advised by Pacific Road Corporate Finance and the asset was built for $177 million by Hydro Quebec.
April 2006: AGL and Alinta smoke the peace pipe and agree to a merger and then break-up of the infrastructure and energy assets.
May 2006: British group National Grid finally opens Basslink, the $780 million undersea cable link between Victoria and Tasmania, after massive delays and budget blowouts.
June 2006: Snowy Hydro prospectus pulled after Prime Minister does a huge backflip and Victoria and NSW are forced to follow suit. Nick Schiffer from CS First Bost was advising the NSW government and Alan Young from JP Morgan was looking after Snowy itself. In addition the joint lead managers were Macquarie, UBS and Goldman.
June 2006: Babcock & Brown pays $385 million to Chicago-based NRG for the coal-fired Flinders power station complex near Port Augusta in South Australia, which has a total capacity of 760mW.
August 2006: ERM Power and Babcock & Brown opened the new $300 million 450mW gas fired Braemar Power Project in Queensland after an efficient 15-month construction timetable.
August 2006: Australian Pipeline Trust, now renamed APA Group, drops Babcock & Brown as a partner and lifts its bid for Gasnet to $3.10 a share, securing control of the company for $452 million and trumping an earlier bid from the Commonwealth Bank's Colonial investment division.
October 2006: Australian Pipeline Trust, now renamed APA Group, pays $535 million to the Queensland Government for the Allgas energy distribution business.
November 2006: Fresh from its AGL merger and then demerger, infrastructure giant Alinta launches $480 million mop-up bid for its smaller 20% owned associate Alinta Infrastructure Holdings.
November 2006: British group National Grid announces plans to sell Basslink, the $780 million undersea power connector which enables the export of up to 600mW of Tasmanian hydro-electricity into Victoria and the import of up to 480mW of coal-generated Victorian electricity into Tasmania.
November 2006: Origin Energy pays $1.2 billion to the Queensland Government for Sun Retail, the major part of the old Energex retail operations. AGL pays $75 million for the smaller Sun Gas Retail business with Macquarie advising Origin, and McDiarmid of Rothschild advised the Queensland Government.
December 2006: Babcock & Brown Power raises $446 million in a floated vehicle which has an interest in eight power stations. The deal involves it buying the Redbank co-generation plant in NSW from Babcock & Brown.
December 2006: Australian Pipeline Trust buys the DirectLink electricity transmission asset linking the NSW and Queensland power grids for $170 million from the NSW Government-owned Country Energy, Hydro Quebec International Group and Fonds de Solidarites des Travailleurs de Quebec.
January 2007: AGL Energy proposes a $12 billion merger with Origin Energy, which is later abandoned.
February 2007: AGL buys retailer Powerdirect from the Queensland Government for an exorbitant $1.2 billion. Bruce McDiarmid of Rothschild advised the Queensland Government.
March 2007: Queensland Gas shareholders approve issuing AGL 27% of the company for $330 million. Alan Young and Aaron Kenavan (J.P.Morgan) advised QGC, and Daniel Kleijn (UBS) advised AGL.
July 2007: British company National Grid sells the Basslink electricity interconnector between Tasmania and Victoria to a Singapore Government-led investment vehicle, CitySpring Infrastructure Management Pte Ltd, for $1.175 billion. Goldman Sachs advised CitySpring.
August 2007: Alinta shareholders vote in favour of $15 billion carve up of assets to Singapore Power and Babcock & Brown. The Singapore Government pays $8.3 billion in cash for the distribution and transmission assets across the country and various Babcock & Brown investment vehicles offer a confusing shower of paper for the generating assets. Controlling stake in gas pipeline company APA also distributed to Alinta shareholders. Alan Young and Daniel Walters (J.P.Morgan) and Andrew Leyden and John Wylie (Lazard) advised Alinta.
August 2007: Transfield Services books a $75 million profit partially floating 51% of its infrastructure assets, including five power stations, as you can see from this announcement.
September 2007: SP Ausnet announces proposed $8.3 billion purchase of Alinta distribution assets from 51% parent Singapore Power.
December 2007: SP Ausnet aborts $8.3 billion deal with parent Singapore Power due to wobbling debt markets and institutional opposition.
December 2007: NSW announces the proposed $15 billion sale of its generating and retail assets. Nick Schiffer (CS) and Andrew Leyden (Lazard) led on the sellside.
April 2008: BG, the old British Gas which was privatised by the Thatcher government, launches $13 billion bid for Origin Energy.
August 2008: after an earlier rejection, BG comes back with a higher $14 billion bid for Origin Energy pitched at $15.50 a share.
September 2008: BG surrenders hostile takeover bid for Origin Energy which sealed a $10 billion tie-in with US giant Conoco-Phillips to develop Queensland LNG assets.
April 2010: Shell and Petro-China complete $3.5 billion takeover of Queensland coal seam gas company Arrow Energy.
November 2010: private equity firm TPG lead a $2 billion restructuring of Alinta Energy, the old Babcock & Brown Power, in one of the most complicated transactions ever seen in Australia.
December 2010: Indian power company Lando Infratech pays $850 million for Griffin Coal's West Australian assets.
December 2010: Origin Energy pays NSW government $3.25 billion for Integral Energy and Country Energy.
December 2010: Hong Kong-based China Light & Power pays $2.04 billion for the biggest NSW retailer, Energy Australia, plus the Delta West gentrader contract, two Marulan development sites and commits to spent $240 million upgrading the Wallerawang power station.
Check out all the Mayne Report business lists here. Go here to see the full comprehensive list of lists we've created documenting the dominance of foreign investors in Australia and our relative poor performance on the international business stage.