Hydro Tasmania has announced it is reviewing options for its national mass market retailer Momentum Energy, including the potential for sale.
Hydro Tasmania CEO, Evangelista Albertini, said any sale process would be subject to the approval of the Tasmanian Government, however divestment of the mainland retailer would support Momentum Energy’s continued growth, while also enabling Hydro Tasmania to focus on its generation business and role in Australia’s transition to a clean energy future.
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“Hydro Tasmania is considering options to simplify its business and take advantage of unprecedented change in the energy sector,” Mr Albertini said.
“Momentum Energy is a strong, lean, well-run and profitable business that is ready to scale quickly on the back of already impressive customer growth.”
Momentum Energy has pursued a growth strategy that has already seen a 37 per cent increase in customer sites in the past three years. New ownership and investment could unlock growth potential in NSW and Queensland and its ability to offer a more diverse range of customer products and solutions.
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Momentum Energy is a leading mid-tier energy retailer with more than 260,000 customer sites across Victoria, New South Wales, Queensland and South Australia. The business has around 300 full-time employees, based in Melbourne and Hobart.
Mr Evangelista said Hydro Tasmania and Momentum Energy will continue to meet their commitment to Tasmanian jobs and the security of Tasmanians jobs would be a key condition of any potential divestment process.