On 21 November 2018, the Australian Competition and Consumer Commission (ACCC) announced that they would be commencing an inquiry into the supply of electricity in the National Electricity Market. A discussion paper has been released for consultation as to how this inquiry will be undertaken.
In July 2018 the ACCC released their final Retail Electricity Pricing Inquiry report, which made a number of recommendations that aimed to encourage increased competition and lower supply costs. Thethat these changes would reduce the cost of electricity for households and businesses, estimating that households could be saving between 20 to 25 per cent on electricity bills . On 20 August 2018, the by the then treasurer Scott Morrison MP to investigate methods of monitoring the prices, profits and margins in the supply of electricity in the National Energy Market. The ACCC has been tasked with monitoring and reporting on the supply of retail and wholesale electricity in Queensland, NSW, Victoria, South Australia, Tasmania, and the ACT.
The ACCC has published a discussion paper for the new inquiry on 21 November 2018, which seeks submissions in the following areas:
ACCC chairman Rod Sims stated in athat:
The responses to the discussion paper are expected to inform the ACCC’s approach to monitoring methods as well as the functioning of the electricity market. This report is expected to be handed in to the Treasurer, the Hon Josh Frydenberg by 31 March 2019. Reporting is to continue until 2025 at least every six months.
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