Successful reorganisation of the Queensland Government Owned Corporation Generators – 1 July 2011
The restructure of the Queensland Government owned corporation Generators (Gencos) was successfully completed on 1 July 2011. The three Gencos, CS Energy Limited (CS Energy), Stanwell Corporation Limited (Stanwell) and Tarong Energy Corporation Limited (Tarong Energy) are now trading as two; CS Energy and Stanwell. Tarong Energy is now a wholly owned subsidiary of Stanwell.
The restructure of the Gencos was announced by the Government on 25 November 2010. The restructure was a key recommendation of the Shareholder Review of Queensland Government Owned Corporation Generators (Genco Review). Following consultation with the Gencos, their employees and unions, the Government confirmed the final portfolio allocation and corporate structure of the Gencos on 10 March 2011.
This restructure has been achieved by reallocation of generation assets to the existing CS Energy and Stanwell corporate entities by regulation made pursuant to Section 161 of the Government Owned Corporations Act 1993. The Government Owned Corporations (Generator Restructure) Regulation 2011 took effect from 24 June 2011.
As a part of the restructure process new boards, made up of a mix of ongoing and new board members, were also appointed for CS Energy and Stanwell.
The board of CS Energy is chaired by Denis Byrne and made up of Karen Smith-Pomeroy, Tracy Dare, Sarah Israel, Mark Williamson, Greg Simcoe, Keith Barker and Jon Hubbard.
The board of Stanwell Corporation is chaired by Graham Carpenter and is made up of Graeme Crow, Russell Kempnich, Stephen Rochester, Kym Collins, Julie Leaver, Ann Fitzpatrick and the Honourable Rod Welford.
The Gencos are now better placed to more efficiently manage the State’s generation assets in order to maximise their economic lives and the jobs they support.
Last reviewed 28 November 2011
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