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Investor PresentationMarch 2011
Kevin Holmes
Chief Financial Officer
Richard McIndoe
Managing Director
2
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy and TRUenergy
carbon reduction strategy
Strategy and growth
3
2010 was a record year for TRUenergy
Financial highlights
• Increased earnings
• Strong cash flow
• Reduced gearing
• Refinancing achieved
• BBB (stable rating) S&P
Growth opportunities
• Acquisition of
EnergyAustralia/Delta
Western
• Aggressive retention and
acquisition strategies for
retail customer base
• Pipeline of new
generation projects
• Continued growth in
renewables portfolio
Operational highlights
• Strong plant output
• Utilisation and availability
targets achieved
• Excellent safety record
• Solid retail performance
in highly competitive
markets
The acquisition of EnergyAustralia and Delta Westernsupports continued earnings growth
4
• Total assets of over $A8 billion after NSW acquisitions
• Rated BBB (stable outlook) by S&P
• Headquartered in Melbourne, Victoria
Energy market assets
• Controls and manages a significant share of Australia’s electricity generation output – over 5,446MW
• Diversified and reliable fuel supply
• Owns and operates the largest underground gas storage facility in Victoria
• Long-term gas storage contracts
• Portfolio of long-term gas supply contracts
• Manages CLP’s interest in 50/50 Roaring 40s wind joint venture
Retail assets
• Australia’s third largest energy retailer and second largest electricity retailer post NSW acquisition
• Operates in every contestable energy market that is part of the National Electricity Market (NEM)
A strong portfolio of diversified assets
TRUenergy is a major vertically integrated Australian energy company
5
TRUenergy has been a leader in the integration of generation and retail
Yallourn/AusPower
Future growth
TRUenergy Vertical Integration
TXU/Yallourn Energy
• Base load brown coal generator
• Some vertical integration through AusPower and retailer contracts
• Risks associated with single generator in a single market, long generation position
• Generation expansion through acquisition, merger and greenfield development
• Portfolio of generating capacity in different states, different fuel types, across the merit order
• Expansion of the I&C business to better match generation growth
• Interest in mass market retailer through TXU acquisition
• Creation of a horizontally and vertically integrated company
• Better balance of generation and retail assets across NEM
Investm
ent
Acquisition of NSW assets
Tallawarra site commissioned
Acquisition of TXU Merchant Energy Business
2001 2005 2009 2010
TRUenergy is the 3rd largest energy retailer and largest privately held generation business in Australia
6
Immediate competitive scale in a consolidated retail market…
SA
Co
un
try
Inte
gra
l
Sim
ply
0
1
2
3
4
5
AG
L
Ori
gin EA
TR
U VE
Oth
er
Cu
sto
me
rs (
# m
)
Pre NSW
…and significant geographical diversity…
SA
VIC
QldNSW
VIC
Qld
NSW
2.75M customers & 25% market share in retail makes TRUenergy a top three energy retailer
Acquisition delivers significant benefits over organic growthincluding economies of scale and earnings contribution
0
1
2
3
4
5
AG
L
Ori
gin EA
TR
U
Co
un
try
Inte
gra
l
VE
Sim
ply
Oth
er
Post NSW
Cu
sto
me
rs (
# m
)
7
A more balanced generation portfolio provides a natural hedge for our retail load
The NSW GenTrader Agreements make TRUenergy the largestprivate operator and manager of generation output
Pre NSW Post NSW
Vic
NSWSA
Tallawarra (Gas),
7%
Ecogen Hedge
(Gas), 18%
Hallet (Gas), 3%
Yallourn
(Brown), 27%Roaring 40's, 2%
M t. P iper
(B lack), 24%
Wallarewang
(Black), 19%
Roaring 40s (wind) 2%
Mt. Piper(Black coal)
24%
Wallerawang(Black coal)
19%
Tallawarra (Gas)7%
Ecogen Hedge(Gas) 18%
Hallett (Gas) 3%
Yallourn(Brown coal)
27%
NSW
Vic
SA
Manages CLP’s interest in 50/50 Roaring 40s wind joint venturewith Hydro Tasmania
Tallawarra
(Gas), 13%
Ecogen Hedge
(Gas), 31%
Hallet (Gas), 6%
Yallourn
(Brown), 47%
Roaring 40's, 4%
Yallourn(Brown coal)
47%
Hallett (Gas) 6%
Ecogen Hedge(Gas) 31%
Tallawarra (Gas)13%
Roaring 40s (wind) 4%
8
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy and TRUenergy
carbon reduction strategy
Strategy and growth
9
Strong underlying operational performance improvementsand related cash generation
Financial performance
Income Summary* (A$m): 2008 2009 2010
Revenue from continuing operations 2,817.2 3,084.7 3,414.9
% Growth 8.7% 9.5% 10.7%
EBITDA 476.3 499.3 605.0
EBITDA margin % 16.9% 16.2% 17.7%
Depreciation and amortization (169.2) (196.0) (208.8)
Operating profit 307.1 303.3 396.2
Operating profit margin 10.9% 9.8% 11.6%
Net borrowing costs expense (103.4) (103.8) (109.1)
Asset Write-downs and non-capitalised exploration (0.9) (11.6) (1.3)
Net profit from continuing operations before tax 202.8 187.9 285.8
Net profit margin % 7.2% 6.1% 8.4%
Net cash inflow from operating activities 251.0 372.3 446.9
Capex 206.1 196.7 152.3
*Excludes Roaring 40s, Petratherm and Eastern Star Gas
1010
Steadily improving financial performance
10
As a result of actions to improve operational efficiencies, reduce costs and proactively manage wholesale market risks
2010 Performance
The business performed well in 2010:
• 2010 NPAT uplift supported by non-recurring items
• Credit rating upgraded to ‘BBB/Stable’ by S&P - reaffirmed post NSW announcement
Key drivers
• Improved Retail results
• Strong asset performance
• Opex management and debt reduction
CAGR 2006-2010: 18.1%
Impact of
Yallourn
Subsidence
11% on 2009Revenue $3,414.9M
EBITDA $605m 21% on 2009
NPAT* $340m 158% on 2009
CAGR 2006-2010: 11.0%
*
*
*Excludes Roaring 40s, Petratherm and Eastern Star Gas
111111
Steady improvement in operational performance with strong cash and financial flexibility
• Strong cash flow supported debt reduction of $226.5m, ahead of NSW acquisitions
• February 2011 funding for NSW acquisitions1 from $1.2bn external debt and $0.8bn shareholder load
• Total assets increased through NSW acquisitions, including GenTraderagreements, working capital, goodwill and identifiable intangibles
Financial highlights
Balance Sheet for TRUenergy*
(A$m):
2008
31-Dec
2009
31-Dec
2010
31-Dec
Total assets 5,094.5 5,124.3 5,360.2
Total external debt 1,691.6 1,599.1 1,367.2
Cash & deposits 62.9 100.9 113.1
Net external debt 1,628.7 1,498.1 1,254.1
Shareholder loans 1,976.5 1,976.5 1,976.5
Total equity 694.5 860.8 1,206.3
Total shareholder funds 2,671.0 2,837.3 3,182.8
Total capitalization 4,362.6 4,436.4 4,549.9
Other liabilities 731.9 687.9 810.2
Total debt and equity 5,094.5 5,124.3 5,360.2
Financial Ratios
2008
31-Dec
2009
31-Dec
2010
31-Dec
Interest coverage** 2.84x 3.31x 4.32x
Gearing 39% 36% 28%
1 Total acquisition price subject to adjustments for working capital movements * Excludes Roaring 40s, Petratherm and Eastern Star Gas** Calculated for the preceding 12 months
12121212
Long-term and increasingly diversified debt facilities supported with BBB stable credit rating…
…provide financial flexibility to fund implementation of strategic growth opportunities
Current Debt Maturity Profile
US$495m in US private placements
drawn
AU$m
Undrawn$180m drawn
Drawn
Drawn
13
Strong shareholder
Robust financial position and strong
credit metrics supporting BBB
(Stable) S&P rating
Vertically integrated business model
provides a natural hedge
Horizontally diversified generation
portfolio and fuel base
Clear carbon strategy
Sound operating performance underpins
TRUenergy’s integrated business
strategy
Experienced management team
Strong market position
Key Credit Strengths
A flexible portfolio of assets, strong business and management structures mitigate risk
Key credit strengths
14
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy and TRUenergy
carbon reduction strategy
Strategy and growth
1515
QLD9070 MW12626 MW
NSW14051 MW15951 MW
SA3341 MW4475 MW
VIC10118 MW11304 MW
TAS1753 MW2429 MW
1620 MW
1330 MW
620 MW
650 MW
640 MW
1260 MW
600 MWDemand (MW)Generation (MW)Interconnection (MW)
Electricity demand, generation capacity &
interconnectors
480 MW
TRUenergy is strategically positioned in key markets
Gas interconnectors and major hubs
Brisbane
Gladstone
Moomba
Mt Isa
Adelaide
Iona
Hobart
Longford
Camden
Sydney
WallumbillaBallera
Canberra
Melbourne
Energy needs of Australia’s major population centres are serviced by interconnected markets
16
TRUenergy has a unique portfolio of balanced assets
The right combination of generation assets, gas storage, gassupply contracts and retail operations supports effective hedgingof cashflow and earnings in a competitive environment
Fuel Wholesale MarketsRetail
Markets
Gas Market
Electricity Market
TRUenergy Business Units
Gas Supply and
Transportation Contracts
Operations and ConstructionEnergy Markets
Retail
Yallourn Coal Mine
Coal Contracts
Iona Gas Processing and
Storage
Tallawarra
Hallett
Ecogen
Yallourn
Delta West
Mass Market and Business customer segments
Mass Market and Business customer segments
Hedging
Wholesale (pool)
Contracts
Wholesale Market
Industrial Contracts
Industrial Contracts
Hedging
Gas Supply and
Transportation Contracts
17
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy and TRUenergy
carbon reduction strategy
Strategy and growth
18
Wholesale generation & gas
19
Overview
• Base load, brown coal thermal plant at Yallourn (South East Victoria)
• Third largest power station in Victoria
• Four independent generating units
• Station located next to the TRUenergy-owned brown coal mine
• Secure, low-cost fuel with mining licenses until at least 2026
• Average availability since privatisation ~89%
2010 Achievements
• Key performance indicators results:
�equivalent availability factor 89.5%
�forced outage rate 3.9%
• Record net generation of 11,644 GWh
• Unit 3 High/Intermediate Pressure turbine
upgrade delivered 15 MW increase for same full
load steam flow
• Major contract awarded for installation of coal
conveyor infrastructure for new Maryvale field
`
2 x 360MW
2 x 380MW
1,480MW
1.40CO2 intensity
(kg/kWh)
DetailsInstalled
capacity
Yallourn’s output is equivalent to 23% of electricity demand in Victoria & 6% across the NEM
Yallourn provides low cost baseload energy to supply retail customers in the NEM
20
Overview
• State-of-the-art combined cycle intermediate plant with capacity
of 420MW
• Operation commenced on 23 January 2009
• Located on Lake Illawarra ~ 15 km south of Wollongong
• Emits 50-70% less greenhouse gas than traditional coal fired
generators – important generation asset in the transition to a
lower carbon intensity
2010 Achievements
• Key performance indicators results:
�equivalent availability factor 90.9%
�forced outage rate 3.6%
• Generation output of 2,550 GWh
• Station met heat rate target and air emissions
targets for NOx and CO2 intensity
Tallawarra Lands
• 600Ha site with potential for land development upside
• Pre-rezoning approval granted
`
0.36CO2 intensity
(kg/kWh)
Gas and steam
turbines
420MW
DetailsInstalled
capacity
Tallawarra Power Station is one of the most efficient gas-fired power stations in Australia
Tallawarra provides baseload to intermediate electricity to the NEM
21
`
1.06CO2 intensity
(kg/kWh)
11 open cycle
gas turbines
180MW
DetailsInstalled
capacity
Overview
• Hallett has an installed capacity of 180MW with 11 quick start
open cycle gas-turbine generators
• The gas is supplied to the station from the Moomba pipeline
with back-up diesel fuel stored on site
2010 Achievements
• All key performance indicators met including:
�equivalent availability factor 96%
� start reliability 98.8%
� forced outage rate 0.54%
• Installation of an additional gas turbine with
expected capacity of 23MW fully constructed
and commissioning is nearing completion
Hallett is a peaking plant which can provide up to 5% of South Australia’s electricity capacity
During periods of high demand, Hallett enables TRUenergy tomanage customer load in South Australia
Hallett’s quick start-up provides risk managementagainst rapid demand changes within the customer base
22
`
22PJ/day
500TJ/day
Storage
Processing
DetailsInstalled
capacity
Overview
• Iona Gas Plant is an underground gas storage and gas
processing facility near Port Campbell in south west Victoria
• Commissioned in August 1999
• The plant is connected directly to both the Victorian gas
system and the SEAGas Pipeline (transmission pipeline
connecting Victoria and South Australia)
• Capacity into Victoria is 260 TJ per day
• Capacity into the SEAGas Pipeline is 165 TJ per day
2010 Achievements
• Commercial availability of 98.8%
• 11 years operation without a Lost Time Injury
• Completed plant expansion in June 2010
Gas contracts
• Portfolio of gas supply contracts from multiple suppliers will supply
over 1,100PJ for the next seven years
Iona underground gas storage capacity represents ~25% of peak-day Victorian retail gas demand
Iona smoothes TRUenergy’s gas demand, storing gas duringsummer and providing extra gas for heating in winter
23
Roaring 40s is a leading Australian wind farm developer
• TRUenergy manages CLP’s interest in the 50/50
Roaring 40s JV with Hydro Tasmania
• Four operating wind farms totalling 317MW
� 111MW Waterloo (SA)
� 66MW Cathedral Rocks (SA, 50% ownership)
� 65MW Bluff Point (Tas)
� 75MW Studland Bay (Tas)
• Offtake from Roaring 40s wind projects is
strategically important in meeting TRUenergy’s
obligations under the Australian Government’s
mandatory 20% Renewable Energy Target (RET)
by 2020
Roaring 40s has a significant position in the RE sectorin Australia with a strong pipeline of new developments
24
Mount Piper Wallerawang Newport Jeeralang
Fuel type Black coal Black coal Gas Gas
Size (MW Capacity) 1,400 1,000 500 466
Contract capacity 1,340 960 500 449
Expiry of Operating Life 2043 2029 2019 2019
GenTrader No Fault
Termination Right2029 2018 N/A N/A
Agreements add 3,366MW of generation capacity to the TRUenergy portfolio
Structured offtakes match TRUenergy’s wholesale capacitywith retail demand
Delta Western GTA Ecogen Hedge
25
EnergyAustralia and Delta Western GenTrader align with business strategy for a balanced portfolio
The purchases of EnergyAustralia and NSW GenTraderrights add scale and geographic diversity whilst maintaining TRUenergy’s strong internal hedge position
Wallerawang
Mt Piper
Tallawarra
TRUenergy-controlled generation capacity TRUenergy + EnergyAustralia hedges*
17%
18%
25%
9%
28%
15%
31%
6%
48%
3%
15,676
18,832
6,308
8,850
2,556
~75%
10,158
6,341
1,000
2,000
3,000
4,000
5,000
6,000
TRU Before 1 March
2011
TRU + NSW
Acquisitions
MW
Wellerawang
Mt Piper
Tallawarra
Hallet
Ecogen
Yallourn
Na
tura
l he
dg
e ~
82
%
Net hedge requirement
5,000
10,000
15,000
20,000
25,000
30,000
35,000
GWh Available for
Sale
GWh Sold
GWh
Hallett
Ecogen
Yallourn
MassMarket
15,676
I&C
18,832
6,308
8,850
2,556
10,158
6,341
Net hedge requirement
Natural hedge~82%
* Based on 2010 levels
~75%
growth
17%
18%
25%
9%
28%
15%
31%
6%
48%
3%
26
Retail
27
A strong retail position in a consolidating environment
* Others includes Simply Energy, Red Energy, Momentum, Lumo, Australian Power & Gas, Click Energy, Neighbourhood Energy
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
Percent
Others
TRUenergy
AGL
Origin
National energy retail market share
*
TRUenergy has grown to ~25% of national energy markets
VIC RetailTRUenergy and EA accounts
25% of market
SA RetailTRUenergy and EA accounts
12% of market
Brisbane
Melbourne
SydneyAdelaide
Queensland RetailTRUenergy and EA accounts
5% of market
NSW/ACT RetailTRUenergy and EA accounts
32% of market
TRUenergy Retail Footprint
Total accounts ~ 2,775,000
Electricity accounts~ 1,970,000
Gas accounts~ 805,000
National energy retail market share (approx.)
28
Net churn for TRUenergy and EnergyAustralia is below industry average in their home states
A natural hedge position and retail incumbency is an important factor in minimising churn and associated costs
-15
-10
-5
0
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010
percent
EnergyAustralia
NSW
TRUenergy Vic
TRUenergy NSW
TRUenergy Qld
TRUenergy SA
TRUenergy Vic
TRUenergy NSW
TRUenergy SA
Electricity
Gas
TRUenergy and EnergyAustralia performance against market churn rates
29
• Customer service and back office IT
platform (known as Project Odyssey)
will replace multiple systems with a
single platform
• Anticipate second half completion of
rigorous testing
• Initial transition of customers expected
by end of 2011
• EnergyAustralia customers will remain
on EA system during Transition Services
Agreement (TSA) period
Enhanced Operational Reporting
One view of customer relationship
Streamlining multiple sales and billing systems will provide
a competitive upside
Enhanced customer care and billing system
30
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy &
TRUenergy carbon
reduction strategy
Strategy and growth
pic
3131
Our position is that a realistic carbon policy framework removes uncertainty and encourages investment
As a market leader, we are a critical contributor to the debate
� A long term abatement target
� Long term energy security
� Reduced short term price impact
� New investment capital and finance
� Maintain transitional reliability of supply
Well designedETS
Stable investmentenvironment
Reliability of transitional supply
Incentives fornew investment
Security
Price
Abatement
An effective and efficient carbon policy framework addresses:
3232
Views on carbon held by the Government andTRUenergy
The principles announced by the Prime Minister on 24 February 2011 represent the sum total so far of any agreement by the Multi Party Climate Change Committee
Government Position TRUenergy Position
Scheme: emissions trading scheme (ETS) with initial 3 – 5 year fixed price
Carbon Price: fixed price allows ETS to begin
Transition: determined that ETS addressestransition to gas baseload generation
Investment: balance sheet impacts to beaddressed as part of securing future investment
Scheme: a well designed ETS. Sector onlyinterim schemes could be considered
Carbon Price: alternative carbon pricingmechanisms capable of transition to an ETSsuch as an initial carbon price cap
Transition: must ensure secure/reliabletransition. Minimise retail cost increases
Investment: preserve TRUenergy’s balancesheet. Link compensation to replacementinvestment
33
Agenda
TRUenergy overview
Financial performance
National energy markets &
TRUenergy’s business structure
Operations
Carbon policy and TRUenergy
carbon reduction strategy
Strategy and growth
34
Optimise Core Operations
Grow a Balanced National Portfolio
Leadership in a Carbon
Constrained World
Motivate a talented, results-driven team
Strategic Imperatives
Supporting Theme
Australia’s best customer focused energy management groupGoal
Brighter energy solutions – today and tomorrowVision
TRUenergy’s strategic framework
Supports growth of vertically integrated business model
3535
2011 key performance areas and projects
Financial Performance• Continued earnings growth
Wholesale markets• Achieve maximum commercial
availability and reliability of generation portfolio
• Effective management of Delta Western GenTrader contract
• Effective outage management
• Deliver development projects:� Permitting gas (CCGT & OCGT)� Renewables (eg solar, wind)
Retail• Deliver strong customer processes
• EnergyAustralia integration
• Deliver net customer account growth
• Deliver Project Odyssey
Corporate• Government relations
� Federal- Influence a workable carbon
policy framework� State
- Drive commercial regulatory policy outcomes
A core focus for 2011 will be to extract value from the NSW acquisitions
36
CoordinationCommittee
Coordinate outages
Coal and fuel supply management
Operations and maintenance scheduling
Capex review
Water supply management
Environmental compliance review
TRUenergy
New coal contracts(tripartite to existing agreements)
Funding of Operation and Maintenance
Capex funding
Delta Western
Day-to-day operation of
Wallerawang and Mt Piper power
stations
Effective management of Delta Western GenTrader
Coordination committee will ensure smooth integration of Deltaoutput into TRUenergy generation portfolio
37
TRUenergy has a strong pipeline of potential generation developments
Development options position TRUenergy to respond tomarket conditions and policy decisions
1,000MW
600MW
Vic
Vic
Yallourn
Strzelecki
CCGT
OCGT
Public exhibition
Concept design
Up to 660MW
NSWMarulanOCGTDev. approval
Up to 2,000MW
NSWMt PiperCCGT or coal-fired ultra-supercritical
Concept approval
450MWNSWTallawarra BCCGTDev. approval
Status Technology Project State MW
Brisbane
SydneyAdelaide
Melbourne
Permitting low emissions generation
Greenfield project
opportunities
Generationopportunities
38
Five Roaring 40s wind projects totalling 464MW in advanced planning stage
Range of projects gives TRUenergy flexibility in satisfyingRET obligations
Pre-construction
Advanced planning
Advanced planning
Advancedplanning
Advanced planning
Status Project State MW
Musselroe
Stony Gap
Robertstown
Waterloo II
Sidonia Hills
Tas
SA
SA
SA
Vic
168MW
123MW
75MW
18MW
80MW
Brisbane
SydneyAdelaide
Melbourne
Permitting renewable & low emissions
generation• Further pipeline of 10 development projects with total
capacity in excess of 750MW under consideration
39
• 180 MW solar power plant proposed in north-west Victoria
• $100 million support announced by Victorian Government (Sept 2010)
• TRUenergy project one of four solar PV projects being considered under Federal Solar Flagships Program
• Final submissions lodged (Dec 2010)
• Announcement of selected projects expected around mid 2011
• Commercial viability dependent on Federal Government support
• TRUenergy has entered an option agreement securing its preferred site, and received planning approval
Would provide additional diversification of renewables portfolio
Mallee Solar Park project short-listed by Federal Government
Aerial image of proposed site (facility superimposed)
4040
Retail strategy is to defend expanded incumbent position while pursuing profitable growth
Queensland
A key area of growth
New South Wales
Priority on retaining incumbent customer base/Integration
Victoria
Priority on retaining incumbent customer base
South Australia
Retain and
strategically grow
Strategic segmentation and channel approach maximise
retention and acquisition
New Business Sales Centre
Moving home aggregators
New connections
Door knocking
Outbound telemarketing
Direct mail
Customer Interaction Centre
Retention marketing (e.g. direct mail)
Customer save teamService /
Retention
Acquisition
Above the line advertising
Moving home
41
EnergyAustralia Retail integration underway with detailed plan focused on critical areas
• Transition Services Agreement for 2-3 years
• EA customers remain on EA products and systems during TSA
• TRUenergy staff co-located in Sydney
• Identify critical personnel
• Transition planning underway
• Determine long-term brand position
• Key challenge is to transition capability not just functions
TSA provides TRUenergy with a framework for a smooth transition
42
A flexible portfolio of assets with strong business andmanagement structures, underpinned by significant growthopportunities
Key business strengths
Leading market position and
brand awareness
Diversified generationportfolio and fuel
mix
Sound financial position with
strong shareholder
Strong operatingand financialperformance
Experienced management team
Clear carbonstrategy
Vertically integratedbusiness model
Significant growthopportunities
Key businessstrengths
Questions
Appendix
45
• Committed investor and developer of lower emissions energy technologies
• Actively pursuing site permitting for efficient gas generation
• Solutions-based approach to advocacy - alignment with political and policy imperatives
• The private generator represented on the Australian Government’s investment reference group
…have made possible ongoing and constructive dialogue with Government
TRUenergy’s Climate Change Strategy and its investments in lower emissions technology
2007 - 2010
Introduced a cap on carbon intensity and undertook immediate action to reduce emissions by 2010
� Sustainable reduction in 113,000 tonnes of CO2 at Yallourn from 2007 to 2009
2020
Cut emissions intensity by 1/3 of 2007 levels
(from 1.2TCO2/MWh to 0.8TCO2/MWh)
2035
Reduce emissions by 35% on estimated 1990 baseline by share of the National Electricity Market
2050
Reduce emissions by 60% on estimated 1990 baseline by share of the National Electricity Market
46
Disclaimer
This presentation may contain forward looking statements and comments about future
events, including our expectations about the performance of TRUenergy Group's business.
Such comments are not audited and are based on a number of factors that we cannot
control and so no representation or warranty is provided by or on behalf of TRUenergy or
CLP that they should or will be achieved. We cannot be certain that the comments will be
accurate or complete and so they should not be relied on.
Please note that, in providing this presentation, TRUenergy has not considered the
objectives, financial position or needs of any particular recipient.
