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The Marketplace Company Applies For Authorisation

Issued 28 May 2002/58

The Marketplace Company Applies To Commerce Commission For Authorisation

The Market Administrator of the New Zealand Electricity Market (The Marketplace Company) has applied to the Commerce Commission for authorisation of a proposed arrangement that will increase the amount of information available to market participants in the wholesale electricity market.

This will be done by releasing bid and offer information two weeks after the bids and offers apply.

The proposed arrangement is in the form of a rule change to the New Zealand Electricity Market rules. These rules determine the basis under which most electricity is bought and sold at the wholesale level.

The Commerce Act 1986 prohibits competitors agreeing to work together in a way that reduces competition between them.

However, the Act does allow for authorisation of potentially anti-competitive business practices if the public benefit is greater than the detriment to competition.

Public notices asking for submissions will be published shortly, and interested parties will have until 5 July 2002 to make initial submissions.

Ends




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