Singapore's Temasek cancels sale of power company
SINGAPORE - Singapore's state-owned investment company Temasek Holdings Pte. Ltd. said it canceled an auction of electricity generator PowerSeraya Ltd. because of a lack of investor interest.
"We launched the tender process early last month based on indications of interest from investors," Temasek's investment director Gwendel Tung said in a statement. "In light of the market conditions, we have decided not to proceed further."
Temasek still plans to sell PowerSeraya in the future, Tung said.
PowerSeraya, which has a capacity of 3,100 megawatts and provides about 28 percent of the city-state's electricity, would have been the third power plant sold by the government investment company this year.
Temasek sold Senoko Power in September to a consortium led by Japanese brokerage Marubeni Corp for 3.65 billion Singapore dollars ($2.49 billion) and in March sold Tuas Power Ltd. to power producer China Huaneng Group for SG$4.24 billion ($3.0 billion).
The three companies generate about 90 percent of Singapore's power.
Temasek said in August profit doubled to a record SG$18.2 billion ($12.8 billion) for the fiscal year ending March 31. The government-run investment company's portfolio grew to SG$185 billion ($131 billion) in the fiscal year ending March 30, 2007.
Related News
How Electricity Gets Priced in Europe and How That May Change
PARIS - While energy prices are soaring around the world, Europe is in a particularly tight spot. Its heavy dependence on Russian gas -- on top of droughts, heat waves, an unreliable fleet of French nuclear reactors and a continent-wide shift to greener but more intermittent sources like solar and wind -- has been driving electricity bills up and feeding the highest inflation in decades. As Europe stands on the brink of a recession, and with the winter heating season approaching, officials are considering a major overhaul of the region’s power market to reflect the ongoing shift from fossil fuels…
