PIPELINES / TransAlta Corp. Consortium Buys Goldfields Pipeline
Interest
TRANSALTA CORPORATION
TSE, ME, ASE SYMBOL: TA
OCTOBER 1, 1998
CALGARY, ALBERTA--TransAlta Corporation, along with two partners,
today announced they have won the bid in the sale of WMC Limited's
62.66 percent majority interest in the Goldfields Gas Transmission
Pipeline in Australia.
TransAlta is partnering with the Australian Gas Light Company
(AGL) and CMS Energy Corporation (CMS). CMS will serve as
commercial manager on behalf of the consortium. AGL is the
current contract operator of the pipeline and will continue in
this role. TransAlta is investing in a 10 per cent share in the
consortium.
"This acquisition is an important step as TransAlta continues to
expand its presence in the gas-fired power generation business in
Australia. It complements and adds synergy to our existing
investment in the 110 megawatt Parkeston power station located at
Kalgoorlie." said Dawn Farrell, executive vice president,
Independent Power Projects for TransAlta.
The natural gas pipeline, completed in 1996, is 1380 kilometers
long and delivers natural gas from the Northwest Shelf producing
area to the mineral rich regions of central Western Australia.
The pipeline was originally owned by WMC Limited, Normandy Mining
and BHP Limited through a joint venture.
TransAlta is an energy company with over $5 billion in assets with
headquarters in Calgary, Canada. The company is a leader in
developing and operating cogeneration projects, most of which are
fueled by natural gas. The company currently operates power
facilities in Kalgoorlie, Western Australia, as well as Canada,
New Zealand and Argentina.
The Australian Gas Light Company is a publicly listed Australian
energy company valued at approximately $3.0 billion. Wholly owned
AGL companies sell and deliver energy to over one million gas and
electricity customers in most Australian States and Territories.
CMS Energy is a $5 billion (sales), $10 billion (assets)
international energy company operating throughout the U.S. and in
20 countries around the world with businesses in electric and
natural gas utility operations; natural gas pipelines and storage;
oil and gas exploration and production; and energy marketing. |
