ACCC Cracks Down On Electricity Profits
The ACCC has formally been tasked with investigating electricity profit margins, with the federal government requesting a report every six months until 2025.
The first report is due March 31st, with energy providers required by law to provide information.
ACCC Chair, Rod Sims, claims the inquiry will ascertain whether Australia’s electricity market is “working in the interest of customers”, whilst proposing new recommendations.
Sims asserts the ACCC will collect information on “electricity prices, profits and margins” from a “wide range of energy companies”.
The news comes after Treasurer Morrison commissioned the ACCC’s Retail Electricity Pricing Inquiry last year.
In July, the ACCC published its final report on the inquiry, including 56 recommendations to address electricity affordability issues.
Mr Sims claim the new investigation will assess whether policy changes – including those derived from its July electricity report – are actually delivering customer benefits.
“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,”
Further information is available on the ACCC’s website here.