Brookfield LP and MidOcean proposed acquisition of Origin Energy Limited
COURT OR TRIBUNAL
Other
DATE FILED (OR FIRST HEARING DATE)
05/06/2023
LITIGATION TYPE
Corporate Accountability
SUBJECT MATTER
Other
REVIEW TYPE
N/A
SUMMARY
On 5 June 2023, Brookfield LP and MidOcean Reef Bidco Pty Ltd applied under s 88(1) of the Competition and Consumer Act 2010 for authorisation of the proposed acquisition by MidOcean of 100% of the ordinary shares in Origin Energy Limited and the proposed subsequent on-sale of the Origin Energy Markets business to Brookfield. On 10 October 2023, the ACCC authorised the proposed acquisition with conditions.
In its reasons the ACCC said: “The task before the ACCC in weighing the public benefits and public detriments in this matter is finely balanced. It involves weighing the anti-competitive effects the ACCC considers likely to result from the Proposed Acquisition, which may harm both consumers and the economic efficiency of energy markets, against likely environmental benefits to the public from increasing the speed and extent of Origin’s transition to renewable energy sources, and Australia’s accelerated decarbonisation”.
The ACCC concluded that the proposed acquisition would result, or be likely to result, in a benefit to the public i.e. accelerating renewable generation and storage build-out for Australia, and that this outweighed the detriment to the public i.e. competitive detriments.
CASE DOCUMENTS
Brookfield LP and MidOcean proposed acquisition of Origin Energy Limited
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