The Municipality of Hafnarfjörður and Orkuveita Reykjavíkur (OR) appealed to the Appeal Board of Competition Affairs the decision of the Competition Authority. No. 23/2008 The acquisition by Orkuveita Reykjavíkur of a stake in Hitaveita Suðurnesja. The contested decision concluded that OR's ownership of a significant stake in Hitaveita Suðurnesja (HS), a strong competitor, would have a detrimental effect on competition. The Competition Authority ordered OR to sell a portion of its stake so that the company would own no more than 31% of the total share capital in HS.
In its ruling, the Competition Appeals Board confirms the decision of the Competition Authority, with the amendment that OR is prohibited from holding a stake of 10.1% or more. The deadline for complying with the conditions of the decision was also changed. The ruling can be accessed here.
Decision No. 7/2008.
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