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 and to constitute a successor entity, Residual Business Management Corporation (RBMC).

RBMC is a statutory corporation managed by a general manager with accountability to the NSW State Treasurer. Its objectives and function, as embodied in the Act, are to efficiency, effectively and responsibly manage and wind up residual assets, rights and liabilities in a timely manner.

On the dissolution of Pacific Power, RBMC became the parent entity of a wholly owned subsidiary company, Pacific Power (Subsidiary No. 1) Pty Ltd. Pacific Power (Subsidiary No.1) Pty Ltd is currently involved in the final completion sign off of two construction projects in Queensland.

The power plant construction projects, Callide C and Tarong North, commenced in 1998 and 2000 respectively, and have been delivered through a consortium structure. Pacific Power (Subsidiary No.1) Pty Ltd has been retained as a special-purpose vehicle, solely to fulfil existing contractual obligations for the two power stations.

Energy Reform

The dissolution of Pacific Power on 1 July 2003, represents 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 residual assets and liabilities of Pacific Power in order to manage an orderly wind-up of residual matters and ensure that any obligations of a continuing nature are dealt with appropriately.

Contacts

Questions about RBMC and Pacific Power should be directed to the Corporation’s Secretary:

Mr Mark Guest
Phone (02) 9648 6880
Fax (02) 9648 3886
Email mark@markguest.com

PO Box 6938
Silverwater NSW 2128