Singapore's Temasek cancels sale of power company
"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
WY Utility's First Wind Farm Faces Replacement
WYOMING - A Wyoming utility company has filed a permit to replace its first wind farm—originally commissioned in 1998, composed of over 65 turbines—located at Foote Creek Rim I. The replacement would downsize the number of turbines to 12, which would still generate roughly the same energy output.
According to the Star Tribune, PacifiCorp’s new installation would involve new nacelles, new towers and new blades. The permit was filed with Carbon County.
New WY Wind Farm
The replacement wind turbines will stand more than twice as tall as the old: Those currently installed stand 200 feet tall, whereas their replacements will tower closer…
