New Zealand's Commerce Commission has proposed to authorize Contact Energy (ASX:CEN, NZE:CEN), Meridian Energy (ASX:MEZ, NZE:MEL), and Mercury NZ (ASX:MCY, NZE:MCY) to enter into agreements with Genesis Energy to access generation capacity from Genesis Energy's (ASX:GNE, NZE:GNE,) Rankine units at the Huntly Power Station till Dec.31, 2035, according to a Tuesday statement by the commission.

In exchange, the companies would pay an annual premium, the statement said.

Genesis said it will retire the Rankine unit 2 in January 2026 if the authorization is not provided, the statement added.

Submissions on the Commission's statement regarding the proposal are due by Oct. 17, the Commission said.