Tempted to top up too - I'd bet that Aus retailing, generation...

Tempted to top up too - I'd bet that Aus retailing, generation and energy solutions will more than offset the under performance of the US business. The negative is that the US represents the future growth of the business; and that clearly has growing pains in the near term.

The thing that has got me really interested at the moment is the half sale (Flannery) of Vales Point power station. St Baker owns the other half and ERM has an offtake agreement. Would be a big purchase (with significant end of life liabilities attached) along the line of $350m; but ERM has flagged that acquisitions are a current option, have net cash and have significant debt facilities available. Conspiracy theory territory but might explain why the buy back has been quite slow.....wait for the news and then push it up hard....certainly aren't supporting the share price at the moment....