Contact Energy applies for clearance to acquire Enerco's gas retailing business
17 November 1998
The Commerce Commission has received an application from Contact Energy Limited for clearance to acquire the gas retailing business of Enerco New Zealand Limited.
The Commission expects to make its decision by November 30. The Commerce Act gives the Commission 10 working days to decide on a clearance, but allows for extensions if necessary.
Contact is a State Owned Enterprise that generates, wholesales and retails electricity and wholesales natural gas. It has interests throughout New Zealand and also in Australia.
Enerco has interests in natural gas exploration, distribution, wholesaling and retailing and also gas appliances. It operates throughout most of the North Island.
The Commerce Act prohibits business acquisitions that result in dominance being acquired or strengthened in any markets. Parties can apply for a clearance, which will be granted if the Commission is satisfied that dominance is not acquired or strengthened.
A clearance, if granted, protects an acquisition from court action under the Act.
Public copies of Contact's application are available from reception at the Commission's Wellington office, level 7, Landcorp House, 101 Lambton Quay.
The assets Contact wishes to acquire are Enerco's gas retailing business in Auckland, Hawkes Bay, Manawatu, Horowhenua and Wellington. This includes contracts for 112,500 connections, installed meters, book debts, trade marks including "Enerco", business records and telephone numbers.
Media contact: General Manager John Feil
Phone work (04) 498 0963
Communications Officer Vincent Cholewa
Phone work (04) 498 0920
Commission media releases can be viewed on its web site www.comcom.govt.nz