WILL BEREJIKLIAN BACK THE RE-REGULATION OF ELECTRICITY PRICES?

Media Release

7 November 2018

The Federal Energy Minister, Angus Taylor, is meeting with electricity retailers today, but the Berejiklian-Barilaro Government is still refusing to say if it supports the re-regulation of electricity prices to force power bills down.

Labor will ensure power retailers set their prices against a regulated default market price.

The ACCC recommended the introduction of a maximum retail price cap set by the Australian Energy Regulator. The price cap will be lower than the current standing offers of the electricity retailers and will provide immediate price relief for about 20 per cent of households.

This price cap will also serve as a reference price to ensure that claimed discounts can be easily and transparently compared. This will strengthen competition and lower prices by making it easier for consumers to compare discounts.

But the Berejiklian Government has refused to commit to this re-regulation.

At the moment the big electricity retailers are benefiting from high standing offers and confusion in the market.

The ACCC recommended a range of measures, including many put forward by Labor, which would reduce average household and small business power bills by approximately 24 per cent.

Skyrocketing power prices are due to the Liberals and Nationals privatisation of electricity and the de-regulation in 2014 of retail prices.

Average household power prices have increased by 60 per cent since 2011, including up to 20 per cent since Gladys Berejiklian became Premier.

Quotes attributable to the Labor Leader in the Legislative Council and Shadow Minister for Energy, Adam Searle:

“For eight years, the Berejiklian Government has had just one energy policy – privatise and deregulate – which has caused skyrocketing prices for households and businesses.

“NSW Labor has committed to re-regulating retail electricity prices, but the Berejiklian Government has refused to do so.

“The Berejiklian-Barilaro Government should be backing the re-regulation of electricity prices. But they obsessed with Sydney stadiums – rather than easing cost of living pressure for families.”