Deregulating Retail Electricity Works: Report

A new independent review has delivered a rousing endorsement of the consumer benefits of deregulating electricity markets.

The Australian Energy Council today welcomed the Independent Pricing and Regulatory Tribunal’s (IPART’s) final report on electricity market competition, confirming that since deregulation in 2014, NSW consumers are enjoying greater choice, innovation and competitive pricing.

The Council’s Chief Executive, Matthew Warren, said the report “reminds us of the benefits of deregulating energy markets, and letting competition drive the best deals for consumers.

“IPART is reporting wins across the Board since deregulation: more retailers competing in NSW, greater innovation in billing and bundling of electricity with other services and substantial discounting across the market.

“More products and services are being made available to customers by an increasing number of retailers. That’s good news. If households shop around they can save up to $445 a year, while small business customers can save up to $856 a year.

“Competition encourages business to improve service, develop new products to meet customer needs and find ways to keep their costs down and stay competitive,” Mr Warren said.

About the Australian Energy Council

The Council represents 21 major electricity and downstream natural gas businesses operating in competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia and sell gas and electricity to over 10 million homes and businesses.

Media contact             Carl Kitchen                0401 691 342