The ACCC has granted new interim authorisation for an expanded range of measures allowing participants in the gas and electricity markets to work together to help safeguard Australia’s energy supply during the COVID-19 pandemic.
On April 3, the ACCC granted interim authorisation to the Australian Energy Market Operator (AEMO), allowing energy market participants to co-operate on certain measures intended to maintain secure and reliable energy supplies while the pandemic continues.
The ACCC has released draft guidelines setting out guidance on how electricity retailers and generators should comply with three new laws which are designed to reduce the price of electricity for consumers.
The draft guidelines, which were released for consultation today, provide examples and information about the new laws, which were introduced by the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Act 2019, and come into effect on 10 June 2020.
Following the Treasurer’s consent, the Competition and Consumer (Consumer Data Right) Rules 2020 (the Rules) commenced on 6 February 2020. This is a key development in progressing Consumer Data Right.
The Rules set the foundational framework for how Consumer Data Right operates in the banking sector. Under the Rules, the four major banks are required to share product reference data in a standardised format, facilitating better product comparisons.
The 2020 supply demand outlook in the east coast gas market has improved and LNG netback prices have decreased, but domestic prices remain high and there is significant uncertainty about future supplies, according to the Gas Inquiry 2017-25 Interim Report released by the ACCC today.
The report found that the supply outlook for 2020 has improved slightly since July 2019 but beyond 2020 there is significant uncertainty about whether future demand can be met.