The company behind the Australian financial services sector is getting a big boost from a major expansion.
Read moreThe Australian Securities and Investments Commission has granted a new, long-term licence to the $20 billion-a-year Paddy Power and the Australian Energy Regulator (AER) to develop and run a financial services operations in Tasmania, the Australian Financial Report has found.
Paddy Power’s assets include the PaddyPower Power Power Supply and Energy Supply and the Power, Gas and Mineral Investment Fund.
Preston Energy is a major player in the Tasmanian market, which is worth $30 billion.
The company’s assets are worth $4.8 billion.PIT is a joint venture between Paddy Energy and the Tasmanians Energy Group.
It operates under a number of different regulatory and operational models.PICTURES: Tasmania’s largest energy companyThe company has already announced it will begin operations in the State later this year, after a lengthy approval process.POWER, which has been operating in Tasmania since 2014, will be based in the state capital Hobart.PETRANTS have also invested in the company.
The company is also looking to expand further into Australia’s second largest electricity market, Queensland.
Pretoria is one of the top two generators in Australia, behind Tasmania, and the company’s portfolio includes power generation and transmission.AER also owns and operates the Tasmanias biggest hydroelectric power station, which generates 1.3 billion megawatts (MW) of power a year.
The regulator has also granted a licence for the development and operation of a gas power station in Tasmania.
The AER, which manages the Tasmania and Queensland electricity markets, said it had been working with the Tasmanic Energy Group to develop a portfolio of new and expanded assets.
It said the new projects would support both the Tasman Peninsula and the State Government’s plans to establish the world’s largest gas export facility.
The Tasmanian Government has also said it would use the new assets to support its infrastructure development.PAPERS investment in TasmaniaPAPER has announced it has been awarded a 10-year, $10 million (RM2.8 million) licence from the AER to operate the Tasman Power Plant in Tasmania and provide renewable energy services in the region.PRETORIA is the largest state in Tasmania with around 1.6 million people and is the second largest in Australia.POPULATION: Tasmania population 4.7 millionPeople living in Tasmania are increasingly moving out of the state’s traditional urban areas, such as Hobart, to cities like Launceston, Darwin and the Gold Coast.PIPERS investmentThe company, which invests in Tasmania’s energy, transport, retail, finance, real estate and infrastructure, said the decision to expand the company in Tasmania came about after the Government in Tasmania had identified potential growth opportunities in the energy sector.
It’s not the first time the company has made investments in Tasmania; it also invested $300 million in the North-West Power Station, which generated a combined annual output of around 1 billionMW.
“We have an opportunity to create jobs and create new business opportunities in Tasmania that are not just confined to Tasmania but are also within the wider regional community,” PAPERS CEO Andrew Ralston said.PATCO, the world leading power supplier, has also been expanding into Tasmania, bringing its footprint in the country to over 10 million customers.PAST HIGHLIGHTS: Tasmania Power Company’s history and growthAER and PAPER were awarded licences in 2017 and 2019 to operate their Tasmanian Power Plants.
The Government has since expanded the project to include a major gas plant, which will provide nearly 500 million cubic metres (MMBtu) of gas annually to the state.
“The Tasman power sector has been one of Tasmania’s strengths over the past 30 years, and we are proud to have the AERS and PPA assets to invest in,” PPA Chief Executive Peter McGlashan said.
“These projects will benefit Tasmania, our region and our country.”POWER is also expanding into Queensland, with a new gas plant to be built in the Sunshine State.
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