• 06 JAN 14
    • 0

    The Chinese Government is now a major player in Victoria’s electricity distribution businesses

    From Stop Smart Meters Australia:

    The Chinese Government is now a major player in Victoria”s electricity distribution businesses
    Posted on January 6, 2014 by Stop Smart Meters Australia

    The Chinese Communist regime, through the government-owned State Grid Corporation of China, recently completed its purchase of a 19.9 per cent interest in Australian-listed SP AusNet and a 60 per cent stake in the privately held Jemena business. This was approved by the Federal Liberal Government. See: http://www.theaustralian.com.au/business/mining-energy/chinese-firm-acquires-sp-ausnets-stake/story-e6frg9df-1226794608150#

    The Chinese Government and its interests are now the major player in Victoria”s electricity distribution businesses.

    According to Amnesty International, an estimated 500,000 people are currently enduring punitive detention in China without charge or trial, and millions are unable to access the legal system to seek redress for their grievances. Harassment, surveillance, house arrest, and imprisonment of human rights defenders are on the rise, and censorship of the Internet and other media has grown. Forced killings of unborn babies and repression of minority groups, including Tibetans, Uighurs and Mongolians, Falun Gong practitioners and Christians who practice their religion outside state-sanctioned churches is prevalent. More people are executed in China than in the rest of the world put together.

    It is astonishing that our Federal and State Governments have no concerns whatsoever that an essential service such as Victoria”s electricity grid is now majority owned by a foreign government and its interests that have the world”s worse human rights abuses.

    See below a breakdown of foreign ownership of Victoria”s power distribution companies, along with the approximate electricity customer base. United Energy is the only Victorian distributor controlled by Australian interests (Duet Group, its main owner, is managed jointly by AMP Capital investors Limited and Macquarie Funds Group).

    Summary of Foreign Ownership
    CitiPower 310,000 customers 51% owned by Cheung Kong group of companies
    Powercor 700,000 customers 51% owned by Cheung Kong group of companies
    Jemena “over” 300,000 customers 60% owned by State Grid Corporation of China (and 40 % owned by Singapore Power)
    United Energy 600,000 customers Duet Group, an Australian Stock Exchange listed company, owns 66% (and 34% owned by Jemena).
    SP AusNet 641,000 customers 31.1% owned by Singapore Power and 19.9% owned by State Grid Corporation of China.

    Read the full SSMA article and comments here: http://stopsmartmeters.com.au/2014/01/06/the-chinese-government-is-now-the-major-player-in-victorias-electricity-distribution-businesses/

    You will need to copy and paste this link in your browser as I am being blocked from being able to make a hyperlink to the site for some reason.


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