SP Ausnet well placed for privatisation

Electricity and gas utility SP AusNet says it is ideally placed to take advantage of any privatisations and further energy network sales in Australia or New Zealand.
SP AusNet managing director Nino Ficca said the company had a strong organic growth profile but was also looking for future opportunities for investment and acquisition.
He said the Queensland government's decision to privatise its energy infrastructure may provide opportunities for players such as SP AusNet.
"In addition to the strong organic growth profile of the business, SP AusNet is dedicated to evaluating future opportunities for investment and acquisition in Australia and New Zealand," Mr Ficca said.
He told the company's annual general meeting that SP AusNet's commitment to building a sustainable, long-term business would shape its decisions and acquisition strategy.
"Our objective is to maintain a solid and reliable business that generates steady, long-term value for our investors.
"The decision of the Queensland government to privatise its energy infrastructure is a positive step and one which we believe may provide opportunities for players such as SP AusNet, down the track.
"History has shown with the Victorian privatisation that this first step may lead to other opportunities for network acquisition.
"SP AusNet has an excellent track record of managing networks and ensuring a high degree of reliability for customers.
"This makes the group ideally placed to take advantage of any privatisations and further energy network sales in Australia or New Zealand."
SP AusNet last month said it had contacted organisers of the sale of Queensland's energy assets with a view to bidding for the Allgas distribution business.
The Queensland government is believed to be keen to complete the sale of Allgas, which services about 80,000 customers in the state's south-east, by the end of the year or earlier.
SP AusNet, which listed in December last year, posted a net profit of $335.23 million for the year to March 31, 2006, which included $175.67 million of earnings from continuing operations.
© 2006 AAP