Power utility CLP Holdings is jockeying with six overseas competitors for Australia's largest privately owned hydroelectric company - Southern Hydro.
A successful bid will give a vital boost to CLP's presence in Victoria, with its other asset in the deregulated state a 92 per cent stake in the Yallourn coal-fired power plant.
CLP indicated its interest in Southern Hydro when the company's United States owner - Alliant Energy - sought to improve its capital resources by divesting assets, according to Reuters.
Southern Hydro's chief executive Simon Maher yesterday told the South China Morning Post that the submissions of final bids were due at the end of next month.
'We will put the company up for auction. The winning bid will go to the one with the highest price,' Mr Maher said. He declined to divulge how many parties were interested, or who they were.
CLP spokesman Chiu Yeung said the firm was not able to comment yesterday as officials concerned could not be reached.
CLP, with its profit capped on core electricity supply in Hong Kong, has expanded into power generation in the mainland, Taiwan, Australia, Indonesia, Thailand and India. In Victoria, it is in competition with Australia Gas Light, New Zealand's Contact Energy and Meridian Energy, Australia's state-owned Snowy Hydro and Origin Energy and the British-based International Power.