Energy
Morrison & Co maintains an unrivalled team of experts in New Zealand and Australian energy markets with deep understanding of deregulation and of renewable investment opportunities.
For over twenty years our team has been engaged in the challenging landscape of Australasia's deregulating energy markets. As manager of Infratil, we provide the group and its portfolio businesses with a full set of advisory services including market modeling, valuation, and transactional services.
Results
TrustPower
Morrison & Co has played a central role in helping make TrustPower New Zealand's best performing energy generator and retailer. Morrison & Co originated Infratil's original 20% minority investment in 1994 in the midst of deregulation and industry change. During Infratil's ownership of TrustPower, our energy team has actively shaped TrustPower's renewable generation strategy through board representation and through advisory services relating to the purchase of numerous hydro-electric generation assets. In 2006 Morrison & Co was sole advisor to Infratil in its successful NZ$ 400 million acquisition of Alliant Energy's TrustPower investment stake - the result secured a 51% control position in TrustPower twelve years after Infratil's initial investment. Today TrustPower has a 100% renewable generation portfolio of 585 MW from thirty three hydro stations and three wind farms - including a 100 MW project in Australia commissioned in November 2008.
Find out more www.trustpower.co.nz
Lumo Energy
Morrison & Co launched Victoria Electricity for Infratil in 2004. In 2010 VE was rebranded "Lumo Energy" and is Australia's largest independent energy retailer. Our experience in the deregulated New Zealand and Australian energy markets positioned us well to identify the retailing opportunity, retain experienced management and to successfully manage the associated energy market risks. An initial investment of approximately $NZ15 million has produced a business that today has 411,000 customers in two states. Lumo Energy, with at scale operations, is positioned to take advantage further deregulation in individual Australian states.
Find out more www.lumoenergy.com.au
Infratil Energy Australia - IEA
Morrison & Co established IEA in 2004 in conjunction with its establishment of Victoria Electricity. This 100% Infratil subsidiary provides risk management services and wholesale energy procurement for Lumo Energy and also originates new investments in physical generation and supply assets. Investments include a 82.0% shareholding in Perth Energy and three peaking power stations totalling 100MW of capacity in South Australia and New South Wales.
Find out more www.infratil.com
Shell NZ Downstream Assets
A consortium owned 50% by Infratil Limited and 50% by the Guardians of New Zealand Superannuation announced on 29 March 2010 it had executed a sale and purchase agreement for the acquisition of Shell New Zealand’s distribution and retail businesses and 17.1% interest in the New Zealand Refining Company. The agreement completed on April 1, 2010.
Previous Investment Positions
Southern Hydro
Morrison & Co formed the Southern Hydro Partnership (Infratil Australia 50.1%, UniSuper 30%, and Contact Energy 20%) in 1997 to purchase Southern Hydro from the Victorian Government at the time of privatisation. Morrison & Co managed the controlling 50.1% stake and Morrison & Co’s Dr Bruce Harker was the Chairman from 1997 to 2000. Key events included a complete reconstruction of the management team. This Australian market experience set the foundation for later investment in the Australian energy sector.
Team
Bruce Harker - Executive Director Energy Group
Dr Bruce Harker heads Morrison & Co's Energy Sector team and has an extensive background in the electricity industry including direct utility management roles, advisory and investment experience. Dr Harker is Chairman of TrustPower. Prior to joining Morrison & Co in 1994, he held senior management roles within the Electricity Corporation of New Zealand.
Roger Crawford
Roger is focused on Morrison & Co's Australian energy sector investments and development opportunities. He is Chairman of Infratil Energy Australia. Prior to joining Morrison & Co in 1997, he held numerous positions in the electricity industry including the areas of generation and transmission planning and operations.
John Culy
John is a specialist in energy and utility economics with specific expertise in the analytic techniques of hydro/thermal power system modelling, operation and planning. Mr Culy is also a specialist in the theory and practice of electricity and transmission spot pricing and financial economics. He joined Morrison & Co in 1997 and prior to that was with Contact Energy and the Institute of Economic Research.
George Royal
George has extensive experience in electricity sector, initally transmission planning and operations, then market reform, investment analysis and market operation. Prior to joining Morrison & Co in 1995, he had 16 years experience with the Electricity Corporation of New Zealand. In recent years he has also worked on the supply chain of mid/downstream oil sector.