While Pulse has a book value of $900 million, most analysts believe the business will sell for around $600 million. Some analysts have even suggested a price range of $350 million to $450 million as being realistic, given concerns over retail price capping and potential competitors.

However, United Energy chairman Keith Stamm did not see this as a plausible scenario. "If it were to occur, at some point we'd have to step back and say, 'Would we sell Pulse at that kind of value?' and we'd look at that very, very hard," Mr Stamm said.

United Energy has a 25% stake in Pulse, Shell Australia owns 40%, Energy Partnership 25% and Woodside Petroleum the remaining 10%.

Pulse Energy has struggled since its inception in 2000 with industry observers pointing to delays in full retail contestability as denying it the opportunity to expand its customer base.