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Genesis applies to acquire NGC’s gas customers


Genesis applies to acquire NGC’s gas customers

The Commerce Commission has received a clearance application from Genesis Power Limited (Genesis) to acquire the retail gas customers of Natural Gas Corporation Holdings Limited (NGC).

Genesis was formed following the Government’s split of the Electricity Corporation of New Zealand in 1999, and is one of three state-owned enterprises supplying energy and energy related services in New Zealand.

NGC was established in 1967 by the New Zealand Government as a state-owned company to buy, process, transport and wholesale Kapuni natural gas. NGC became a publicly listed company in 1992 and is currently involved in the transmission, distribution, wholesale and retail of gas, as well as electricity generation.

In considering the application under the Commerce Act, the Commission’s role is to determine whether the merger has the effect of substantially lessening competition in any market.

A public version of the application will be available shortly on request from the Commerce Commission.

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