KIT unit believes Basslink outage covered by insurance

THE manager of Keppel Infrastructure Trust (KIT) said on Tuesday an Australian electric line unit believes that a recent outage was a force majeure event and is covered by insurance.

In a statement, wholly owned KIT unit Basslink said a cable repair vessel reached the fault location of the 370-km Basslink Interconnector on May 20, and expects a return to service in late June. The cable, which connects the grids of the states of Victoria and Tasmania in Australia, was taken out of service on Dec 20, 2015.

KIT said it does not believe the update will have any material financial impact on net tangible asset per unit and distribution per unit for the financial year ending Dec 31, 2016.