Thinly-traded SP AusNet (51% owned by S’pore Power) is likely to come under pressure as company's power distribution firm SPI Electricity faces class action lawsuit in Australia for alleged breach of safety regulations related to Feb 09 bush fire that razed parts of Victoria and left 119 people dead. SP AusNet is awaiting findings of investigation by a Royal Commission due end-July on claims that one of its power lines sparked the bush fire, which destroyed more than 1,200 homes.
SP AusNet manages electricity transmission, power and gas distribution in Victoria. Lawsuit expected to add to company's woes in Australia, where energy regulator recently rejected its proposal to substantially raise capex, limiting its plans to enlarge distribution network over next 5 years
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