The ACCC has commenced an inquiry into the retail and wholesale supply of electricity in Queensland, NSW, Victoria, South Australia, Tasmania and the ACT.
The competition watchdog aims to report, at least every six months, on information obtained from energy companies, including the prices paid for electricity and the underlying factors for any significant price movements.
The program will run until at least 2025.
The plan is in response to high electricity prices on the National Electricity Market which have put a strain on households and major industrial power users.
A discussion paper for the inquiry is seeking submissions on three key areas:
- the analytical framework for the ACCC’s role, including expectations of market outcomes and participant behaviour, and the measures which should be used to monitor and analyse prices and behaviour
- how the ACCC will monitor the impact of policy developments
- the processes and timing for the collection of information, including what data the ACCC will require
“This new long-term role for the ACCC will ensure pressure remains on all players in the energy supply chain to behave in a competitive way and only pass on those costs that are reasonable. It is also important that they pass on any cost savings to consumers,” ACCC chair Rod Sims said.
“The ACCC will also be monitoring whether the policy changes it recommended are helping to drive low prices to consumers.
“The ACCC is interested in views on how we are to perform this new function, to ensure that we provide the most useful information to the government and the public while imposing the least information burden necessary on the energy companies.”