AusNet Services Acquisition & Valuation

GAIL (India) Ltd is an Indian natural gas processing and distribution company of which the Government of India owns a majority of shares. GAIL India's core business is the sale and transmission of both natural gas and a variety of LPGs, or liquefied petroleum gases. The company segments its operations into Transmission services; Natural Gas Marketing; Petrochemicals; LPG and Other Liquid Hydrocarbon; and Other Segments, which includes City Gas Distribution (CGD), Exploration and Production (E&P), Compressed Bio Gas (CBG) & Power Generation. The company generates key revenue from Natural Gas Marketing.

Northern Indiana Public Service Company is a Merrillville-headquartered utility and the largest natural gas distributor and second-largest electric distributor in Indiana. It serves the northern third of the state as part of NiSource Inc., maintaining distribution networks across 32 counties for residential and commercial customers.

Brookfield Infrastructure Partners is a publicly traded limited partnership, listed in New York and Toronto, that owns and operates infrastructure assets worldwide from its corporate headquarters in Toronto. Its portfolio has four segments: utilities, including natural gas pipelines, electricity transmission lines and electricity and gas connections serving about 10 million customers; transport, including ports, railways, toll roads and logistics networks; midstream pipelines, storage and processing facilities; and data infrastructure such as cell towers, fibre networks and data centres. It earns regulated and contracted revenue from these assets, reported revenue of about US$21 billion in 2024, and targets annual distribution growth of 5% to 9%. Brookfield Infrastructure was an operating unit of Brookfield Asset Management until its spin-off in January 2008; Brookfield remains its general manager and a major unitholder, and Sam Pollock has been chief executive since 2006. Its businesses employ about 57,000 operating staff across 12 corporate offices. Notable deals include the 2016 purchase, with partners, of Asciano's port assets for US$6.55 billion and a 90% stake in a Petrobras gas pipeline network for US$5.2 billion, and a 2022 agreement with Intel to co-invest up to US$30 billion in a chip plant in Arizona.

RTE (Réseau de Transport d'Électricité) is France's electricity transmission system operator, headquartered in the Paris La Défense business district. It owns, operates, maintains and develops the national high- and extra-high-voltage grid of about 105,800 km of lines, the largest in Europe, including around 50 cross-border interconnections, and balances electricity supply and demand in real time. Most of its revenue comes from regulated network access tariffs set by the French Energy Regulatory Commission (CRE), supplemented by interconnection revenues. In 2024 RTE reported revenue of EUR 5,559 million, EBITDA of EUR 1,622 million and investment of more than EUR 2.5 billion, and it employs about 10,800 people. RTE was established in July 2000 as a division of EDF when France unbundled electricity transmission and later became a separate company. Since March 2017 it has been held through a holding company owned 50.1% by EDF, 29.9% by Caisse des Dépôts and 20% by CNP Assurances.

SSEN Transmission, the trading name of Scottish Hydro Electric Transmission plc, owns and operates the high-voltage electricity transmission network in the north of Scotland. Headquartered in Perth, with offices in Aberdeen, Inverness and Glasgow, it runs 132kV, 220kV, 275kV and 400kV overhead lines, underground and subsea cables, substations and HVDC converter stations across more than a quarter of the UK's land mass. The network carries power from onshore and offshore wind, hydro and other generation in the north of Scotland to demand centres further south. It is a regulated network business whose revenues are set under Ofgem price controls, and SSE forecast its gross regulatory asset value at GBP 6.5 to 7 billion by 2026 and more than GBP 12 billion by 2031. The licensed entity was established in 2000 within SSE's networks business. SSE plc owns 75 percent and retains operational control, while Ontario Teachers' Pension Plan bought the other 25 percent for GBP 1.465 billion in a deal completed in November 2022.

The Faraday Grid is a smart grid technology company rearchitecting electricity networks for decentralized energy markets. Founded in 2016 and headquartered in Sydney, Australia, it develops the Faraday Exagon, a software-defined grid controller enabling prosumers, EVs, and renewables to participate in real-time trading. Deployed in pilots across Australia and Europe, the system replaces century-old infrastructure to handle variable solar and wind inputs while ensuring grid stability.

Pinnacle West is a holding company whose principal subsidiary is Arizona Public Service, a vertically integrated electric utility serving approximately 1.4 million customers across a 35,000-square-mile territory in central Arizona, including the Phoenix area. APS owns or leases 6.5 gigawatts of power generation capacity, including a 29% ownership stake in one of the largest nuclear plants in the US, Palo Verde. Half of the electricity that APS supplies to customers comes from clean energy sources, including nuclear.

Tokyo Gas Co Ltd is a Japanese utility company involved in the production, generation, and supply of natural gas and electricity. Tokyo Gas segments its operations into Gas, Electric Power, Overseas, and Other business units. The company's Gas division generates the vast majority of its total revenue through the supply and sale of natural gas to, namely, the Tokyo metropolitan area and other Japanese urban areas. Tokyo Gas' supply of natural gas is fairly evenly distributed amongst residential, commercial, industrial, and power generation customers. The company's Electric Power business also represents a significant income stream. This division operates a portfolio of cogeneration and natural gas-fired thermal power plants primarily located in the Tokyo area.

Sichuan Chuantou Energy Co Ltd is engaged in the clean energy business. The company operates its businesses through four segments. The Electric Power Business segment focuses on generating electricity through hydropower, wind energy, and photovoltaic sources. The Investment Business segment is involved in equity participation in hydropower facilities, along with activities in asset and investment management. The Manufacturing Industry segment covers production areas such as railway telecontrol systems, construction materials, and automation control equipment for both industrial and power applications. The Service Industry segment encompasses property management offerings and tourism development initiatives.

Columbia Pipelines Holding Company is a Houston-based holding entity that oversees operations of Columbia Gas and Columbia Gulf Transmission. It coordinates natural gas transmission across 15,000 miles of pipelines spanning from the Gulf Coast to New York. The subsidiaries manage interstate pipelines, storage fields, and gathering systems serving the Marcellus, Utica, and Gulf production regions. Established in 2015 ahead of a corporate spin-off, the holding company supports daily transport volumes exceeding 10 billion cubic feet to utilities and power plants in 16 states.

Essential Utilities is a Pennsylvania-based holding company for US water, wastewater, and natural gas distribution utilities. The company's water business serves 3 million people in eight states. Its largest service territory is in Pennsylvania, primarily suburban Philadelphia. Its Peoples subsidiary serves more than 740,000 gas distribution customers in Pennsylvania and Kentucky. It completed the sale of its West Virginia gas utility and the bulk of its nonregulated assets in 2024. Essential shareholders would own a 31% stake in American Water Works if the proposed all-stock merger closes in 2027.

Hitachi Energy India Ltd serves utility, industry, and infrastructure customers with solutions and services across the value chain. The company is engaged in the business relating to products, projects, and services for Power technology. It manufactures and supplies systems, equipment, devices, and accessories products such as disconnectors, cable accessories, electric motors, semiconductors, transformers, and others. The company also provides project and service engineering, installation, commissioning, and support services. Geographically, the company generates a majority of its revenue from India and the rest from other countries.

Singapore-based Keppel is an alternative asset manager and operator with SGD 95 billion of funds under management as of the end of December 2025. The group’s key segments are infrastructure, real estate, and connectivity (including telecommunication services and operation of data centers). Most of its earnings are derived from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets. The group also has a fund management platform comprising listed and unlisted investment trusts that generates recurring fee income.

Osaka Gas Co Ltd is a Japanese utility company involved in the production and supply of natural gas and electricity. The company operates through three segments. The Domestic Energy segment covers city gas production and supply, gas appliances, piping work, LNG and LPG sales, industrial gases, power generation, and electricity sales. The Life & Business Solutions segment engages in real estate development and leasing, information processing, and the sale of fine and carbon materials. The Overseas Energy segment focuses on natural gas and other energy development, investment, and supply. It generates the majority of its revenue from the Domestic energy segment.

Severn Trent PLC is a United Kingdom-based water utilities company. It mainly operates in the U.K., but also in the United States and other countries in Europe. The company derives the majority of its revenue from its regulated water and wastewater segment, which supplies water and conducts sewage and environmental services. The company also operates a business services segment that is involved with renewable energy operations. The company provides contract services to industrial and municipal clients to develop water treatment facilities and networks. The firm generates its renewable energy by using hydropower, wind power, and solar power.

China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding.

Azrieli Group Ltd manages and operates companies that own properties across Israel, subsidiaries in the energy, water, and environment industries, a card company, and a bank. The company's income-producing properties include shopping malls, office towers, industrial buildings, and residential properties. In addition to owning properties in Israel, the portfolio consists of a minor number of international properties. Under the energy business, holdings include marketing and distribution of refined oil and water desalination, wastewater purification, and sludge treatment facilities.

AltaGas Ltd is a North American energy infrastructure company that connects customers and markets to energy sources. AltaGas has three reporting segments: Utilities, Midstream, and Corporate/Other. The majority of its revenue is generated from the Midstream segment, which operates a North American energy platform that moves natural gas and LPGs from the wellhead to markets. It exports propane and butane to Asia through its LPG terminals, and runs natural gas gathering, processing, fractionation, liquids handling, and storage infrastructure. The segment also includes its natural gas and natural gas liquids (NGLs) marketing business, domestic logistics, trucking and rail terminals, and liquid and natural gas storage capability. Geographically, the firm derives its key revenue from the U.S.