Ernst & Young announces appointment of Matt Rennie as Oceania Power & Utilities Leader
Monday, 21 November 2011— Ernst & Young today announced the appointment of Matt Rennie as the firm’s Oceania Power & Utilities Leader.
Based in Brisbane, Rennie joined Ernst & Young in February this year from Energy Advisory Services and will lead Ernst & Young’s teams of assurance, advisory, transactions, economics and tax professionals in working with clients across the sector.
Rennie says it is an exciting time to be involved in the power and utilities sector which is going through a period of fundamental transformation.
“Our energy sector is one of the most dynamic in the world. Energy retailers, distributors, generators and transmission companies are all facing significant challenges and opportunities from changing market conditions, regulatory frameworks and environmental challenges,” says Rennie.
“Generators are obviously focused on the impact of the carbon tax both in terms of immediate financial impacts from the tax itself as well as the expected changes in fuel mix over the next ten years.”
“While current forecasts don't support an immediate shift from coal to gas fired generation, this will ultimately depend on the long term price of carbon and we do expect to see a gradual shift to gas fired generators to meet forecast shortfalls in capacity.”
“With significant amounts of new generation forecast to be required around the country before 2019, gas fired and renewable generation will be areas of focus for investors.”
Rennie says distribution and transmission companies are in the midst of record levels of investment to meet customer reliability and quality expectations, as well as facing government reforms and increasing scrutiny by regulators.
“Energy retailers continue to strive to differentiate their product offering and offer greater value to customers to meet the challenge of expanding their customer base,” he says.
“Against this backdrop of change and transformation, it is an exciting time to be working with clients across sector to help them meet these challenges and take advantage of the market opportunities.”
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