CLP, Hong Kong's largest power company, is planning to bid for electricity assets in Australia, India, Singapore and other countries in south-east Asia after falling short of its investment targets in China.

Andrew Brandler, chief executive, told the Financial Times that CLP would take part in a proposed sale of energy assets in New South Wales, which accounts for about 40 per cent of Australia's electricity market, as well as any break-up of AGL, the energy company whose chief executive departed abruptly following disappointing earnings.