SP AusNet pays $379M to settle fire claims

Company News

SP AusNet (ASX:SPN) has agreed to settle a claim relating to the Black Saturday bushfires in Victoria after victims claimed the company did not maintain power lines. 
 
The electricity provider together with Utility Services Corporation Limited and the Victorian government will pay about $494.7 million to settle the Kilmore East Bushfire class action.  
 
While SP AusNet says the settlement is without admission of liability, and has again denied any involvement in negligence, its share of the compensation will be $378.6 million. 
 
The company has again extended its deepest sympathy to those who suffered losses in the bushfires which took more than 100 lives and destroyed more than 1,000 homes in 2009.  
 
SP AusNet is still involved in the Murrindindi class action and has advised it will vigorously defend the action. 
 
SP AusNet’s net profit fell 35 per cent to $178.3 million in the year to the end of March 2014. 

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