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AUS Regulator: Retail Supplier Should Not Recoup Lost Profits From New Default Price Caps By...
July 01,2019 As previously reported, new default market offer price caps for electricity take effect on July 1 in Australia, and the Australian Competition and Consumer Commission warned retail suppliers not to seek to raise their rates for shopping (non-default) customers to recoup any losses as a result of the new price caps "Retailers should not seek to recoup lost profits from the new cap on standing offer prices from other customers currently on cheaper market offers," the ACCC said "We see no reason for these current cheaper market offers to be affected if there is truly competition in the retail electricity market," ACCC Chair Rod Sims said Specifically, the new rules come into force today in South East Queensland, New South Wales and South Australia. From today, electricity retailers have various obligations under the code including: • Capping their standing offers in line with the AER’s independently set default price and moving clients on current standing offers onto the lower price • Advertising the prices and conditions on their market offers by reference to the default price so retail offers can be clearly compared. "From 1 July 2019, prices will decrease for many customers who have been paying excessively high standing offer prices. The Australian Energy Regulator (AER) has set maximum allowable prices for these standing offers and the ACCC will ensure that retailers are not charging more than they are allowed," ACCC said "These standing offer prices might not be the cheapest offers in the market, but act as a price constraint for customers who are not on a market offer or for customers whose market offers have expired and who have not yet selected a new offer," ACCC said "We will ensure that the standing offer prices come down for all customers on those offers, which includes many who cannot access market offers," ACCC Chair Rod Sims said. From today, energy advertising and offers must also show electricity prices compared to a common reference price and transparently disclose all conditions attached to the offers. The ACCC will be monitoring and enforcing retailers’ compliance with these new requirements. "Retailers are well aware of these new rules, and they should have no doubt that we will enforce the rules and we will seek penalties if they do not comply," Sims said. "We will also continue to enforce the Australian Consumer Law against any retailer engaging in misleading or deceptive conduct or making false or misleading claims or statements," Sims said
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