December 2024 report30 Dec 2024
On 3 December 2024, the ACCC provided a report to the Treasurer as part of its inquiry into the prices, profits and margins in the supply of electricity in the National Electricity Market (NEM). The ACCC published the report on 30 December 2024.
This is the ACCC's twelfth report as part of its inquiry into the prices, profits and margins in the supply of electricity in the National Electricity Market (NEM).
This report extends our December 2023 analysis of pricing outcomes for existing customers, on flat rate offers and how these prices compare to the default offer prices and to new acquisition offers in the market. For the first time in this inquiry, we have collected additional information from retailers on time of use and demand offers. Our dataset covers over 6.7 million residential customers (78% of the total number of residential customers in the National Electricity Market) and 400,000 small business customers.
We have also gathered information from retailers on their price setting strategies for different customer groups, including how they consider the default offers when making decisions. We obtained information about the policies and processes retailers have in place to manage their obligations with the Prohibiting Energy Market Misconduct prohibitions.
The report also continues our annual timeseries covering retailers’ costs and margins, which was started during the Retail Electricity Pricing Inquiry. It reveals how retailers’ costs and margins changed in 2023–24, and over the longer-term.
See: Inquiry into the National Electricity Market - December 2024 report
Media release
No reward for being loyal: Australians urged to shop around for a better value electricity plan