Origin
Energy & ATCO Power $30M Cogeneration Boost
Tuesday
February 27, 2001
Origin
Energy and ATCO Power today announced they have purchased the one-third
interest of the third partner – Lend Lease Capital Services - in the
Bulwer Island Energy Partnership for $30 million. This takes Origin Energy’s
and ATCO Power’s interest in the Partnership to 50% each.
The
Partnership owns the cogeneration plant which supplies 32MW (megawatt) of
electrical power and 55 MW of thermal energy as steam for the BP Bulwer
Island Refinery in Queensland. Lend Lease carried out the initial
development work on the project. As the development progressed, Origin
Energy and ATCO Power were invited by Lend Lease to bring their special
skills together with Lend Lease to help complete the project.
From the
outset, Lend Lease made it known it would exit the Partnership once the
plant achieved commercial operation – and this milestone has now been
achieved.
ATCO Power,
a project manager, owner and operator of gas fired cogeneration projects,
is part of the ATCO Group, a worldwide organisation of companies engaged
in power generation; utilities; logistics and energy services; industrials
and technologies.
Origin
Energy is one of Australia’s leading providers of energy to around 1.2
million homes and businesses throughout Australia. It has complementary
interests in power generation, exploration and production, energy retail
and trading, and investments in and management of energy infrastructure.
Commercial
operation of the cogeneration plant was attained earlier this year. The
plant is managed by ATCO Power utilising BP’s Refinery staff for day to
day operations. Origin Energy manages gas supplies to BP and the plant,
sourced from Origin’s Peat coal seam gas field in Queensland’s Bowen
Basin.
Managing
Director Origin Energy, Grant King, and Managing Director ATCO Power,
Clive Armour, said "Lend Lease’s asset creation skills and
entrepreneurial ability added a unique dimension to the Bulwer Island
cogeneration project.
"Our
Partnership in the project – which began in December 1998 – set new
benchmarks in clean power production and still achieved commercially
viable energy with good environmental credentials. Put simply, our
combined expertise enabled us to produce more power, more cleanly and more
efficiently."
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