Welcome to Residual Business Management Corporation

Background

The Pacific Power (Dissolution) Act 2003 ('the Act') was passed by the NSW State Parliament with effect from 1 July 2003.  The purpose of the Act was to dissolve Pacific Power Corporation by re-constituting it and changing its name to Residual Business Management Corporation (RBMC). 

RBMC is a statutory corporation managed by its General Manager with accountability to the NSW State Treasurer and as applicable the nominated Minister. Its objectives and function, as embodied in the Act, are to efficiency, effectively and responsibly manage and wind up the residual assets, rights and liabilities of Pacific Power Corporation.  Under the Act, and the current RBMC business structure, all governance authority rests with the General Manager.  RBMC is essentially a risk management entity designed to quarantine and properly deal with residual business and energy reform exposures.

On the restructuring of Pacific Power Corporation, RBMC became the parent entity of a wholly owned subsidiary company, Pacific Power (Subsidiary No. 1) Pty Ltd.   This subsidiary was wound up and deregistered as a going concern in 2010.  Formerly this company operated as Pacific Power International before the business and name was sold.  After that, and prior to deregistration, Pacific Power (Subsidiary No.1) was retained as a special-purpose private company, solely to fulfil existing contractual obligations with respect to previously constructed power stations.

RBMC also remains the majority shareholder of an independent private sector Solar Research and Commercialisation company known as Pacific Solar Pty Limited.  Pacific Solar earns royalties from its thin-film and solar system patents.  Pacific Solar is currently reviewing the future of its business and operations.

Energy Reform

The dissolution of what was Pacific Power Corporation on 1 July 2003, represented a continuing chapter in the energy reform process that commenced in 1994 with the demerger of Pacific Power's generation and transmission businesses into newly formed State-Owned Corporations.  RBMC will continue to deal with the balance of residual assets and liabilities of Pacific Power Corporation in order to manage an orderly wind-up of residual matters and ensure that any obligations of a continuing nature are dealt with appropriately and in a manner that limits risk to our State.

Contacts

Questions about Residual Business Management Corporation should be directed to the Corporation Secretary:

Mr Mark Guest
Business hours phone: (02) 9648 6880
Business hours fax: (02) 9648 6368
After hours fax: (02) 9748 6590
Email: mark@markguest.com

Address:
The Corporation Secretary
RBMC
PO Box 6938
Silverwater NSW 2128