UPDATE: CLP, China Southern Power Grid Eye Exxon Mobil Hong Kong Power Stake
16 3월 2012 - 5:27PM
Dow Jones News
Power supplier CLP Holdings Ltd. (CLPHY) and China's state-owned
China Southern Power Grid Co. are in talks to acquire the 60% stake
in a Hong Kong electricity company held by a unit of Exxon Mobil
Corp. (XOM), in the mainland company's second attempt to break into
Hong Kong's power generation market.
The assets involved are ExxonMobil Energy Ltd.'s stake in Castle
Peak Power Co., a power generating joint venture in which CLP Power
Hong Kong, a wholly owned unit of CLP Holdings, owns a 40% stake.
Castle Peak has three power stations in Hong Kong with a total
generating capacity of 6,908 megawatts.
The size of the potential deal could be HK$22 billion (US$2.8
billion), Royal Bank of Scotland analyst Jenny Cosgrove said.
CLP confirmed talks were being held in a statement issued late
Thursday. Exxon did not immediately respond to requests for
comment.
Some analysts say CLP and its partner are well positioned to win
the stake, and that China Southern Power Grid's participation would
strengthen ties between the two, which in turn could open the way
for CLP to make new investments on the mainland.
China Southern Power Grid is one of two monopoly power grid
companies in China. It controls the network in the provinces of
Guangdong, Guangxi, Yunnan, Guizhou and Hainan.
"The power stations are under Scheme of Control which permits a
9.99% return on net fixed assets until 2018. We see the Scheme of
Control in Hong Kong as the best place for a marginal dollar of
investment by CLP and so view this possible deal positively,"
Cosgrove said.
The Hong Kong government regulates the profits of the two power
companies active there now--CLP, which supplies power to Kowloon
and the New Territories, and Power Assets Holdings Ltd., the sole
power supplier on Hong Kong island--through a licensing system
called the "Scheme of Control" which has been in place since the
1960s.
Citigroup analyst Pierre Lau said funding of a deal could come
from borrowings, proceeds from CLP Australia unit TRUenergy's
initial public offering in Australia and issuing new shares, as
CLP's net debt-to-equity ratio was high, at 81%, at the end of
2011.
"We believe that having China Southern Power Grid as a partner,
instead of ExxonMobil, in Castle Peak Power, might give CLP a
better position bargaining with the Hong Kong government for the
next five-year capex plan for its Hong Kong business in 2014-18,"
Lau said.
In 2006, the government reviewed the possibility of opening the
city's power-supply market to new players. This prompted Southern
Power Grid to form a joint venture with Chinese state-owned
electricity producer China Power International Holdings Ltd., which
is controlled by former premier Li Peng's daughter Li Xiaolin, and
Hong Kong media firm Vertex Communications & Technology Group
Ltd. (8228.HK).
So far the company hasn't produced an investment plan and isn't
active in supplying power to Hong Kong.
CLP is China's largest foreign-based power provider. It has over
40 power projects, with a combined capacity of around 19,000MW, its
website says.
-By Yvonne Lee and Chester Yung, Dow Jones Newswires; 852-2832
2331; yvonne.lee@dowjones.com
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