The Independent Competition and Regulatory Commission (ICRC) has released a fact sheet to help Canberrans understand how its new retail electricity code could help them find a better deal on their electricity bill.
In a statement, the Commission said its ACT Retail Electricity (Transparency and Comparability) Code came into effect on 1 October and required retailers to advertise their prices against a benchmark to make it easier for consumers to compare offers.
It said retailers were also required to tell their customers about plans that might save them money and give their customers tailored information to help them choose the best plan for their circumstances.
“Many ACT electricity customers had told us that they found it difficult and confusing to compare plans and work out what is the best deal for them,” the ICRC said.
“The Code makes it simpler and faster for you to compare electricity plans and choose the best plan for you.
“Under the Code, retailers have to make their advertising and direct communications with customers about their plans (like letters and emails) much clearer to help you navigate the market and find the best deal for your circumstances.”
The ICRC said retailers were now also required to provide customers with information about the Australian Government’s free Energy Made Easy price comparison website, which helped people compare plans.
It said the introduction of a benchmark reference price for advertising meant customers could be confident that a plan with a larger discount off the reference price would be cheaper than a plan with a smaller discount off the reference price.
“Retailers also have to tell you in their advertising what the average amount of electricity is so you can see whether your bill might be higher or lower than the total annual price, based on your own electricity use in a year,” it said.
The ICRC’s three-page Consumer Fact Sheet: ACT Retail Electricity (Transparency and Comparability) Code can be accessed at this PS News link.
