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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.
Treasurer Josh Frydenberg said the move should not be seen as an ‘adverse reflection’ on CK Group and that Australia still welcomes foreign investment that is not ‘contrary to our national interest’.
The deal would see CKI sell a number of APA’s assets in Western Australia but is still subject to Foreign Investment Review Board approval.

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