Energy warning
Retailers on notice
ENERGY giants will be forced to warn customers from February that their discounts and other benefits are being axed so customers can shop around for a better deal.
Households and small businesses would also be told if deals such as cheap movie tickets were coming to an end, leaving customers worse off.
The Australian Energy Market Commission has announced the date the rule change would come into effect following the Federal Government’s announcement about the requirements earlier this year.
From last month, power companies must tell consumers how much extra they would pay if they stayed on the same deal.
Most customers are rolled on to “standing offers”, which tend to be higher priced.
The AEMC said the changes would allow people to compare their existing deal with other deals and choose a better one.
Energy Minister Josh Frydenberg said the Government was proactively engaging with energy companies to put families and small business first.
Mr Frydenberg said retailers would need to contact almost two million households to let them know there were better deals available.
“The Government has abolished the ability of energy networks to appeal the decisions of the Australian Energy Regulator,” he said.
“This reform is critical as network costs make up around half of the household bill.
“To further put downward pressure on electricity prices, the Government has secured more gas supplies through tough new regulations in the gas sector to give Australian customers priority access.”
The newly open Little Malop St was a hub of entertainment, with stalls lining both sides of the street and local soul heroes The Sweethearts playing live.
Shoppers had the chance to explore the recently completed green spine project with a stage of work around the CBD completed last week, giving local traders a much-needed boost after a disruptive construction period.