Foreigners barred from buying Australia's largest energy grid

Ausgrid is the electricity grid which supplies power to Australia's most populous state of New South Wales, including SydneyAustralia will block the sale of its largest electricity network to foreigners, the government said Friday, as two Chinese bids for the grid were rejected over national security concerns. Canberra has become increasingly concerned about the purchase of Australian infrastructure and land by foreigners, and recently banned a sale by the country’s biggest private landowner to a Chinese-led consortium. Treasurer Scott Morrison last week said in a preliminary decision that bids by China’s State Grid Corp and Hong Kong’s Cheung Kong Infrastructure Holdings for a 99-year lease on 50.4 percent of Ausgrid — the electricity grid of its most populous state of New South Wales — were “contrary to the national interest”.

Share this article