Hongkong Electric Holdings, which yesterday cast away its old brand name for the more international-sounding Power Assets Holdings, says it has Britain's second-largest power grid in its sights.
Managing director Tso Kai-sum yesterday said the company 'was studying bidding documents' and had yet to make a decision on whether to bid for the electricity distribution networks that E.ON of Germany owns in central Britain.
He declined to say whether the group would team up with its immediate holding firm, Cheung Kong Infrastructure Holdings (CKI), to compete for the E.ON assets against rivals - believed to be MidAmerican Energy Holdings and PPL Corp.
CKI, Li Ka-shing's infrastructure flagship, which has also been reported to be bidding for the E.ON assets, has in the past joined Power Assets to buy energy assets in Britain and Australia. CKI did not comment on reports of its bid.
'We have a strong desire to have more power assets abroad,' Tso said. 'In the UK, there are definite regulations that we can follow and we may have a chance to raise our interests in a transparent, straightforward market.'
Explaining the rationale for dropping a name the company has used since it went public in 1976, Tso said: 'The new name reveals our future strategy. We will actively pursue overseas investments. We are looking at projects in other markets such as Australia, Canada and the mainland.'
He said he would miss the old corporate name.