AGY-6996 | Electricity Retained Interest Corporation - Endeavour Energy

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On 2 June 2017, under the Electricity Retained Interest Corporations Act 2015 allowing part of the retained interest that was referable to the State-Owned Corporation Endeavour Energy’s distribution system was constituted to have the corporate name “Electricity Retained Interest Corporation - Endeavour Energy”. (1) Endeavour Energy ceased to be a State-owned Corporation under the State-Owned Corporations Act 1989 and an energy services corporation under the Energy Services Corporations Act 1995. (2)

Endeavour Energy was 50.4 percent owned by an Australian-led consortium of long-term investors in the private sector operating the network under a 99-year lease. The remaining 49.6 percent was held by the State of NSW via a corporation constituted under the Electricity Retained Interest Corporations Act 2015. The private sector consortium consisted of Australia’s Macquarie Infrastructure and Real Assets, AMP Capital on behalf of REST Industry Super; Canada’s British Columbia Investment Management Corporation; and Qatar Investment Authority. The partnership operating the business was known as the Endeavour Energy Network Operator Partnership, trading as Endeavour Energy. (3)

The Electricity Retained Interest Corporation - Endeavour Energy was established to hold the NSW Government’s retained interest in the Endeavour Energy network infrastructure assets for and on behalf of the State. In exercising the functions under the Electricity Retained Interest Corporation Act 2015, Endeavour Energy was not subject to the control or direction of the Government or a Minister on behalf of the Government. (4)

Endeavour Energy actively operated, maintained, repaired and built the Sydney’s Greater West, the Blue Mountains, Southern Highlands, the Illawarra and the South Coast electricity network. (5)

Endnotes
1. NSW Government Gazette No.88 2016, 4 November 2016, p.2927.
2. Electricity Network Assets (Authorised Transactions) Act 2015 (Act No.5, 2015), s.16 and Sch. 3 cl.3 (1)(a).
3. Endeavour Energy - About Us - Who We Are, http://www.endeavourenergy.com.au/about (accessed 21 August 2018); Endeavour Energy, Ring fencing Compliance Statement September 2017, p.2, https://www.endeavourenergy.com.au/__data/assets/pdf_file/0020/6059/September2017RingfencingComplianceStatement.pdf (accessed 11 January 2023).
4. NSW Government Gazette No.111, 11 December 2015, p.4050.
5. Endeavour Energy website, Our Network coverage, https://www.endeavourenergy.com.au/about/our-network-coverage-map (accessed 11 January 2023).