The Commerce Commission today granted Northland-based Top Energy Limited an interim exemption from the Electricity Industry Reform Act (EIR Act) until the Commission makes its final decision.

Commissioner Dr Kate Brown said Top Energy had applied for an exemption to continue its involvement in both its electricity lines business and the Ngawha Power Station. Top Energy had also stated that it would consider forming a mirror trust to acquire one of the businesses if the Commission declined the exemption.

Forming a mirror trust by April 1 is one of the options Top Energy has under the EIR Act.

However, Dr Brown said that should the Commission decline the exemption Top Energy would require some time to form the mirror trust.

She said that as an interim measure, the Commission has granted Top Energy a temporary exemption to form a mirror trust. Under the temporary exemption, Top Energy has 90 days from the date of the Commission's final decision to exercise the mirror trust option.

Dr Brown emphasised that the temporary exemption is not the Commission's final decision. The final decision will be made soon, but the Commission does not yet have a specific date.

Media contact: Commerce Act Manager Geoff Thorn

Phone work (04) 498 0958

Communications Officer Vincent Cholewa

Phone work (04) 498 0920

Commission media releases can be viewed on its web site www.comcom.govt.nz