The Independent Competition and Regulatory Commission (ICRC) has invited public commentary on a new industry code and draft report that place obligations on electricity retailers to help customers compare electricity price offers to find the best deal for their circumstances.
The ICRC said its draft report, Improving the transparency and comparability of retail electricity offers, set out retailers’ obligations to show the annual price of their offers compared with a reference price; inform existing customers of a better offer if one was available; and provide clear advice.
“These new obligations are intended to improve the transparency and comparability of retail electricity offers to help customers navigate the market and find the best deals for their circumstances,” the ICRC said.
“Together, they also place greater pressure on retailers to make competitive offers to win customers, and so promote effective competition in the interests of consumers,” it said.
The ICRC said its draft ACT Retail Electricity (Transparency and Comparability) Code was based on a direction from the Minister for Water, Energy and Emissions Reduction.
It said the Code was dependant on proposed amendments to the Utilities Act 2000, the content and approval of which were subject to the normal legislative process.
“As we are consulting on the Draft ACT Code before proposed amendments are introduced into the Legislative Assembly, we may need to undertake further consultation after any such amendments are made before we finalise the ACT Code,” the Commission said.
“This Draft Report provides additional information about the Draft ACT Code, including how we envisage retailers would be required to comply with the new obligations and our initial views on key issues.”
The ICRC’s 25-page Draft Report, including information on how to have a say, can be accessed at this PS News link.
