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Australia Publishes Guide For Energy Retailers About New Retail Code, Regulations
June 20,2019 As previously reported, Energy retailers in South East Queensland, New South Wales and South Australia must comply with obligations under a new Electricity Retail Code from July 1 this year, including by advertising electricity plans in a way that makes it easier for consumers to compare prices and offers. A new Australian Competition and Consumer Commission (ACCC) guide details how retailers in these regions should apply the new code in relation to their customers. "The Code introduces a cap on ‘standing offer’ prices that are often excessively high, to automatically bring down the cost of electricity to customers on these offers, many of whom cannot or do not access alternative market offers. The cap will be set annually by the Australian Energy Regulator (AER)," the ACCC said "The Code also mandates that any prices and discounts must be calculated and advertised against an independently set benchmark known as the ‘reference price’, meaning 20 per cent off with one retailer is also 20 per cent off the same price as another retailer in the same region," the ACCC said "It also bans conditional headline discounting, meaning that conditional discounts must not be the most conspicuous price advertised, and requires all conditions to be clearly stated," the ACCC said See the guide here
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