ACCC set loose on electricity retailers

ELECTRICITY retailers will be forced to hand over detailed, commercial-in-confidence information on power prices and profits as part of a Federal Government-ordered price investigation.

Prime Minister Malcolm Turnbull today will announce the power price probe, which will specifically look at electricity retailers and seek out anti-competitive behaviour.

The Australian Competition and Consumer Commission will also dig into confusing contracts and whether retailers’ profits are appropriate, as well as checking if residential and business users get a fair deal.

Wholesale power prices will also come under scrutiny following Queensland enduring repeated cost surges in the first two months of the year. But consumers should not expect a quick result, with a report not due until July 1 next year.

Mr Turnbull’s push to have the ACCC investigate power prices follows his promise in his first speech this year to make electricity more affordable.

It was seen as a way to bring back disaffected voters.

Mr Turnbull said competition in retail electricity markets did not appear to be operating as efficiently as it should.

“A better deal in electricity is vital to keeping the lights on, delivering cheaper prices to families and businesses and sustaining jobs, particularly the thousands of jobs in our energy-intensive industries,” he said.