Power market scrutiny

CUSTOMERS could save hundreds on power bills under a major overhaul of the national electricity market recommended by the consumer watchdog.

The Australian Competition and Consumer Commission said the sector needed reform to bring down prices and restore confidence. The ACCC accused power companies of gouging customers with unnecessary costs.

The consumer watchdog wants the Australian Energy Regulator to be given more powers to target market manipulation. Customers should be able to compare discounts from a default or benchmark rate set by the regulator.

Energy Minister Josh Frydenberg said the Turnbull government would carefully consider the report’s 56 recommendations in consultation with state governments.