We welcome the ACCC’s ongoing inquiry into the prices, profits and margins in the supply of electricity in the NEM. A plethora of reports have established that the electricity market is not operating in the interests of all consumers. The ACCC has unique powers to gather information that can inform and enhance policy design to achieve better outcomes for consumers in the energy market, and we welcome the opportunity to provide feedback in this submission on the approach the ACCC should take in monitoring the electricity market.
Consumers must feel there is transparency around industry’s practices in the NEM and that industry is acting in their interest if trust and confidence in the energy market is to be improved. The ACCC’s work following the discussion paper should be undertaken with this goal front of mind.
Energy is an essential service needed for health, wellbeing and social participation. The ACCC must ensure that it prioritises gathering and publicising information that can lead to improved market outcomes and market participant behaviour. We consider that the ACCC should pay particular attention to the interests of households in Australia who are at most at risk of losing access to essential electricity supply.
181219 SUB ACCC NEM Monitoring