Privately-owned electricity and gas retailer Alinta Energy says it will engage in a “new era of competition” in the east coast energy market, following its acquisition of the Loy Yang B coal power station in Victoria.
Alinta announced on January 15 its parent company, Chow Tai Fook Enterprises, had finalised the Loy Yang B acquisition, buying the plant from France’s Engie, and Japan’s Mitsui, for $1.1 billion.
Alinta Energy managing director Jeff Dimery said the company was committed to provide reliable, affordable energy to Australians, “and to create real competition on the east coast”.
Loy Yang B provides around 17% of Victoria’s energy.
“We listen to our customers and we understand the cost-of-living pressures families across Australia are facing,” Dimery said.
“We also know that prices at major electricity retailers are going up, some by more than 14% in January. Alinta Energy is doing the opposite; we’re lowering our prices.
“We will continue to pass on savings to customers in all of our electricity markets including Victoria, New South Wales, South Australia and Queensland.”
Alinta announced the Loy Yang B acquisition in November last year. The company cites an owned and contracted generation portfolio around Australia of roughly 2,000MW. Loy Yang B adds 1,000MW to that portfolio.