Energy companies are now on notice after the Government passed new laws designed to deal with misconduct in the electricity sector and ensure households, businesses and industries get a fair deal on energy.
Our ‘Big Stick’ Legislation will ensure that electricity retailers play by the rules and pass on cost savings to consumers.
This is part of the Liberal National Government’s plan to deliver a fairer, more affordable and reliable energy system and a stronger economy for all Australians.
This builds on the strong action we’ve already taken to put downward pressure on electricity prices.
From 1 July, we have implemented a price cap on the highest standing offers. We’re putting an end to dodgy discounting big energy companies, including sneaky late payment fees.
We’ve also delivered the Retailer Reliability Obligation, which requires retailers to guarantee their energy supply three years in advance, which will keep prices down and ensure the lights stay on.
Our $1 billion Grid Reliability Fund will focus on supporting investment in storage and transmission infrastructure and new reliable energy generation including gas and pumped hydro. It is important that we have the right mix of generation to keep the lights on and prices down.
While there’s more to do, I am pleased that since last December, according to the ABS we have had three consecutive quarters of electricity price reductions.
That’s the first time this has happened since records began.