dear... (insert your first name), sucker..
The Australian Competition Tribunal has overturned a decision by the competition watchdog to block AGL Energy from buying the New South Wales power assets of Macquarie Generation.
The tribunal says it will allow the $1.5 billion deal with some conditions.
The Australian Competition and Consumer Commission (ACCC) blocked AGL's takeover bid in March, saying it was likely to substantially reduce competition in the NSW retail electricity market.
AGL appealed against the decision, saying it had significant implications for the industry's future.
The ACCC said the acquisition would result in the three largest energy retailers in NSW owning a combined share of up to 80 per cent of electricity generation capacity.
It said that was likely to raise barriers to entry and expansion for other electricity retailers in NSW and therefore reduce competition.