RAAEY, the Regulatory Authority for Waste, Energy and Water, responding to questions raised by investors, has clarified its definition of “associated companies” in connection with an upcoming auction to offer capacities for standalone batteries.

According to a statement released by the authority, associated companies are enterprises that maintain any of the following relationships: a) companies holding a majority of the voting rights of shareholders or partners in another company; b) companies that have the right to appoint or remove a majority of the members of the board, management or supervisory body of another company; c) companies that have the right to exercise a dominant influence over another company by virtue of an agreement with that company or a clause in the statutes of the latter; d) any company that is a shareholder or partner in another company and controls alone – by virtue of an agreement with other shareholders or partners in that company – the majority of the voting rights of the shareholders or partners in that company.