The Australian Competition and Consumer Commission (ACCC) has been enlisted by the Federal Government to report on prices, profits and margins in the electricity market in the wake of the abandonment of the National Energy Guarantee (NEG).
Under the government directive, electricity providers are legally required to provide the ACCC with information relating to the inquiry, with the consumer watchdog also able to make recommendations to the government on how to improve outcomes for customers.
ACCC Chair Rod Sims said the organisations job was to make sure electricity was affordable for customers.
“This new role will monitor whether the electricity market is working in the interests of electricity customers,” he said.
“We will particularly assess whether policy changes, including those flowing from the ACCC’s July electricity report, are delivering benefits for customers.”
The Federal Government’s directive comes after Prime Minister Malcolm Turnbull this week scrapped the NEG, instead recommending the implementation of default pricing while abandoning emission reduction targets.