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Commission clears Genesis Power Limited

Commission clears Genesis Power Limited to acquire Taranaki Combined Cycle

The Commerce Commission has approved an application from Genesis Power Limited (Genesis), to acquire 100% of the shares in Stratford Power Limited, a 100% owned subsidiary of Natural Gas Holdings Corporation Limited (NGC), which owns Taranaki Combined Cycle thermal electricity generation plant (TCC).

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 national markets for electricity generation and wholesaling, ancillary services or electricity retailing.

“The Commission has assessed the likely competitive impact of the proposed acquisition having regard to market concentration, potential for anti-competitive strategic behaviour, market coordination, entry conditions and other relevant factors.

“The Commission is satisfied that the proposed acquisition will not have, or be likely to have, the effect of substantially lessening competition in the market.”

Mr Belgrave said the Commission will release its written decision soon.

Background The TCC plant was completed in 1998 and is a combined cycle thermal electricity generation plant situated at Stratford, which is capable of generating 354MW.

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. In addition to gas retail, Genesis is involved in the generation, wholesale and retail of electricity through a combination of hydro and thermal generation. Genesis owns seven power stations through the North Island, including the Huntly Power Station, Tongariro Hydro Scheme, Waikaremoana Hydro Scheme, Hau Nui Wind Farm in the Wairarapa and a number of co-generation plants.

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