The Commerce Commission (“Commission”), pursuant to section 81 of the Electricity Industry Reform Act 1998
(“the EIR Act”), exempts Babcock & Brown Infrastructure Limited (“BBI”) from the application of section 17 of
the EIR Act in respect of the cross-involvement (as that
term is defined in the EIR Act) that would be created through its incidental and temporary ownership of the Glenbrook Power Station (“Glenbrook”) as outlined in its application for exemption registered by the Commission
on 30 August 2007.
The exemption is subject to the following conditions:
(a) No officers or employees of BBI are to be
officers or employees of the companies with
direct ownership of the Glenbrook assets;
(b) no officers or employees of BBI shall access
any information relating to the day-to-day operation of Glenbrook;
(c) no officers or employees of BBI are to be
involved in decisions relating to the management
of Glenbrook;
(d) this exemption is for a period of four weeks
from 31 August 2007 and expires at midnight on
30 September 2007;
(e) BBI will advise the Commission when the cross involvement ceases; and
(f) this exemption is specific to the cross-involvements created through BBI’s incidental and temporary involvement in Glenbrook. It does not extend
to any other interest either existing or future
cross-involvement of BBI.
The Commission may vary or revoke the exemption in accordance with section 81(5) of the EIR Act.
The exemption takes effect from the date of publication of this notice in the New Zealand Gazette.