Power utility CLP Holdings will consolidate its assets with a focus on the Asia-Pacific region after reporting a 26 per cent jump in net profit last year to HK$10.33 billion.
Chief executive Andrew Brandler yesterday said the group would integrate the recently acquired electricity retailing business in New South Wales, Australia, with its flagship TRUenergy, expand its renewable energy portfolio in India and liquidate assets in Thailand.
TRUenergy and the India portfolio were prime candidates for separate listings down the road, said chief financial officer Mark Takahashi, without specifying a time frame.
'We have no interest in investing outside the Asia-Pacific market,' Brandler said. 'We will continue to expand in our existing markets.'
CLP's geographical strategy is contrary to Power Assets Holdings, formerly Hongkong Electric Holdings, which is aggressively expanding into Britain.
TRUenergy's profitability will be boosted next month upon completion of the A$2.05 billion (HK$16 billion) acquisition of AustraliaEnergy, the biggest electricity retailer in New South Wales and a supplier to the Sydney market. It will also obtain the rights to sell the output from the Delta West power station, also in New South Wales, as well as rights to develop three new power stations.
The deal will more than double the number of TRUenergy's customers to 2.75 million households from 1.26 million, surpassing the base of 2.3 million it has in its core service areas in Hong Kong - the New Territories, Kowloon and Lantau.