It would take a near miracle for China Southern Power Grid Company to bid for NSW's biggest electricity distribution company Ausgrid in   July.
Street Talk understands China Southern Power has come to the conclusion its bid, which also included the state-owned China Investment Corporation, does not have enough equity to make a competitive offer. 
Industry sources said the decision comes after China Southern and CIC lost the Qatar Investment Authority as a financial backer. It's understood China Southern scrambled to find another equity investor to plug the gap, reaching out to other potential financial investors.
However it had not been successful. And with bids due in about three months, it would be almost impossible to fund a new partner. Street Talk revealed the troubles last week and it is understood an extra long-weekend was not long enough to sort them out.
The other option was to join up with countryman State Grid Corporation of China. However, sources said State Grid had said from the beginning it would prefer to bid alone.
Which means it's pens down for now on China Southern Power's Australian ambitions.
For NSW, it means two bidders are likely to be there come the   July decision date for a 50.4 per cent stake in the utility; China's State Grid and Hong Kong-listed Cheung Kong Infrastructure Holdings.
Although, you have to wonder whether there will be an outcome in   July, given the chance of a   July 2 election. An election campaign would put the federal government in caretaker mode, making it impossible for the Foreign Investment Review Board to give its sign-off to the Commonwealth Treasurer.
State Grid has seen this before. It bid $5 billion for a majority stake in utilities infrastructure owner Jemena in   May 2013. However, with an election in   September of that year, it had to wait until   December of that year for approval from then Treasurer Joe Hockey.