Tokyo Electric buys stake in Paiton

Thu, 30 Jun 2005, 00:00 WIB | Source: AP

TOKYO: Tokyo Electric Power Co., Asia's biggest power producer,
said it will pay US$137 million for a stake in PT Paiton Energy,
an independent Indonesian generator, to benefit from rising power
demand in Southeast Asia.

Tokyo Electric will acquire the 14 percent stake from
TransCanada Pipelines Ltd. and a finance unit of General Electric
Co., the Tokyo-based company said in a statement on Wednesday.
Paiton Energy operates the 1,230-megawatt coal-fired Paiton I
power plant on Java Island.

Indonesian demand for electricity is expected to grow at an
annual pace of 6 percent during the next decade, providing Tokyo
Electric with a new source of income at a time when the opening
of Japan's energy markets to increased competition is leading the
nation's power companies to cut prices. -- Bloomberg

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