The Australian Competition and Consumer Commission (ACCC) is to monitor the prices, profits and margins of Australia’s electricity suppliers in a move to minimise household power bills.
The Government has directed the Commission to produce its first report by 31 March 2019 and to continue at least every six months until 2025.
As a formal direction the ACCC is enabled to use its information gathering powers which means electricity providers will be legally required to provide it with information.
The ACCC may also make recommendations on how to improve outcomes for electricity customers.
Chair of the ACCC, Rod Sims said the new role will reveal whether the electricity market is working in the interests of customers.
“We will particularly assess whether policy changes, including those flowing from the ACCC’s July electricity report, are delivering benefits for customers,” Mr Sims said.
“We are looking forward to continuing our role in providing advice regarding electricity affordability and bringing greater transparency around prices, and believe we are well placed to carry out this important role.”
In 2017, the ACCC was directed by the Treasurer to begin its Retail Electricity Pricing Inquiry.
In July this year it published its final report from that inquiry making 56 recommendations to address electricity affordability issues.
The ACCC’s Terms of Reference for the monitoring program can be accessed from this PS News link.
