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China's State Grid to buy stake in Australian electricity network for $802 million

SYDNEY - China's State Grid Corp. is buying a stake in an Australian electricity network company for about $800 million. SP AusNet, which operates the electricity network in Australia's Victoria state and a gas network, said Friday that State Grid is buying the 19.9 per cent stake from Singapore Power Ltd. State Grid is the world's largest utility company with annual revenue of $300 billion. It has a growing international business with investments in Brazil, Portugal, Australia and the Philippines.

Australia fire survivors sue Singapore power firm

Survivors of a 2009 firestorm which killed 119 people in Australia Monday launched a class action against a Singapore power company over the disaster which lawyers described as "entirely preventable". The Kilmore East blaze was the largest of the "Black Saturday" February 2009 wildfires in southern Victoria state that left 173 dead and razed more than 2,000 homes, the nation's worst natural disaster of modern times.
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