New Zealand's Commerce Commission has determined to authorize Genesis Energy (ASX:GNE, NZE:GNE), Contact Energy (ASX:CEN, NZE:CEN), Meridian Energy (ASX:MEZ, NZE:MEL), and Mercury NZ (ASX:MCY, NZE:MCY) to enter into agreements for ten years, to access certain generation capacity from Genesis' Rankine units at the Huntly Power Station, according to a Thursday statement by the commission.
The agreements will result in, or likely result in, a benefit to the public, which will also lessen competition, the statement said.
Shares of Mercury NZ fell 2% in recent Thursday trade in Australia and New Zealand.
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