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Australian fund manager ICG took ownership of Tas Gas and other utility businesses operated by Enwave in a A$420m deal.
The move comes after initial efforts to end such funding by the end of 2020 were resisted by EU member states.
The regulator also said underspending was a factor in the high performance of electricity transmission and gas distribution companies.
The proposed cuts, to be imposed from 2021, are 'harsher than what we were expecting', according to ratings agency S&P.
Lisbon, Portugal
The manager is following its $644m second equity fund with a third vehicle, said to be targeting about $1bn.
The Downing Flexible Generation Fund is the investment manager’s first institutional vehicle for infrastructure and is focused on the UK market.
The UK energy regulator believes the decision represents ‘a better balance of risk and return’, despite industry consternation.
Treasurer Josh Frydenberg confirmed his ‘final decision’ that the takeover would be ‘contrary to the national interest’.
The nation’s capacity market auctions have been ruled illegal state aid, throwing several gas and battery storage projects into doubt.
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