Prime Minister Malcolm Turnbull has ordered the nation’s consumer watchdog to review retail electricity prices, saying the market doesn’t appear to be operating as effectively as it could.
The Australian Competition and Consumer Commission will scrutinise electricity retailer behaviour and contracts offered to consumers and business to ensure they benefit from competition in the National Electricity Market.
“The Turnbull government is determined to ensure Australians get a better deal for their energy,” Mr Turnbull said in a joint statement with Treasurer Scott Morrison on Monday.
“A better deal in electricity is vital to keeping the lights on, delivering cheaper prices to families and businesses and sustaining jobs, particularly the thousands of jobs in our energy-intensive industries.”
Given the review will be data-intensive and of a complex nature, the ACCC will be given until June 30, 2018 to undertake the review.
Full Content: ABC News
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