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.

Media contact: Richard Braae, Manager, Market Structure Group

Phone (04) 924 3650

Gail Kernohan, Communications Adviser

Phone (04) 924 3709, cell 029 924 3709

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