Energy

Lumo Energy pays penalty for alleged energy offer misrepresentations

Energy retailer Lumo Energy Australia Pty Ltd (Lumo) has paid a penalty of $10,800 after being issued with an infringement notice by the ACCC.

The ACCC issued the infringement notice because it had reasonable grounds to believe that Lumo had contravened the Australian Consumer Law by making a false or misleading representation about energy discounts.

Issues paper

The ACCC released an issues paper on 31 May 2017 seeking feedback on pricing, competition and customer issues. Submissions to the issues paper will close on 30 June 2017.

Gas inquiry 2017-2020

On 19 April 2017 the Australian Government directed the ACCC to conduct a wide-ranging inquiry into the supply of and demand for wholesale gas in Australia, as well as to publish regular information on the supply and pricing of gas for the next three years.

ACCC to investigate and report on Australian gas markets and market transparency

The Australian Competition and Consumer Commission will use its inquiry powers, including its ability to compulsorily acquire information, to increase transparency and address opaqueness in the gas market. The ACCC will provide regular information to the market over the next three years on the supply and pricing of gas under a broad reference from the Federal Government.

“This new measure is an important element of the Government’s plan to make sure more affordable gas is available to industry and consumers,” ACCC Chairman Rod Sims said.

Report

On 13 April 2015 the Minister for Small Business directed the ACCC to hold an inquiry into the competitiveness of the wholesale gas industry. The ACCC concluded this inquiry in April 2016.

Recognising Australia's east coast gas crisis

ACCC Chairman Rod Sims said events following the ACCC’s April 2016 Inquiry into the east coast gas market have confirmed the Commission’s worst fears.

Speaking in Sydney today at the 5th Annual Australia Domestic Gas Outlook Conference 2017, Mr Sims said, “One year ago at this conference I warned of “…an urgent need for both new and importantly more diverse sources of gas supply into the domestic market.”

“The outlook for gas supply is now even worse than it was a year ago; indeed, our worst fears are being realised,” Mr Sims said.