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Genesis cleared to acquire Energy Online


Media Release

Issued 10 October 2002-03 / 052

Genesis cleared to acquire Energy Online

The Commerce Commission has approved an application from Genesis Power Limited (Genesis) to acquire Energy Online Limited (EOL).

Genesis, a state-owned enterprise, is involved in the generation and wholesale of electricity, and has the largest electricity retail customer base in New Zealand, located predominantly in the North Island.

EOL is an electricity retailer with customers in the North Island from Taupo north, including Tauranga and Hawkes Bay.

Chair John Belgrave said the Commission is satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in the market for electricity retailing.

The Commission's written decision on the application will be available soon on the Commission's website, www.comcom.govt.nz/adjudication.

ENDS

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