Macquarie in electricity sector push

Investment bank secures electricity retail licenses across east coast: report.

Macquarie Group (MQG) is keen to create a strong presence in the electricity sector after securing retail licences in New South Wales, the ACT and South Australia, according to The Australian Financial Review.

The successful applications follow the bank’s attainment of an electricity retail licence in Queensland late last year and the firm is also pushing for a permit in Victoria, with large energy users -- rather than households -- seen as the target market.

“Macquarie intends to provide large corporate and industrial consumers in AER jurisdictions with a new retail offering, providing consumers with an innovative way to separately manage their retail grid connection requirements and their electricity and environmental price risk according to their individual risk appetite,” the bank said in its application to the Australian Energy Regulator.

Macquarie also said it planned to begin operations this month.