New laws around electricity pricing brought in by the ACT Legislative Assembly last week could save consumers hundreds of dollars a year.
The Utilities Amendment Bill, which will come into effect on July 1 2021, provides an electricity reference price framework that will give consumers a benchmark price to help them make better informed choices when comparing electricity offers. Retailers will have to ensure all their offers and discounts are compared against this benchmark. Under this new law, retailers will also be required to inform customers if a better deal is available than their current electricity contract.
Our CEO Lynne Gallagher welcomed the bill which was introduced by Chief Minister Andrew Barr and Shane Rattenbury, Minister for Water, Energy and Emissions Reduction, in April.
Lynne featured on ABC news in the ACT to share her thoughts on what this will mean for consumers.
“This is good news and we can reasonably expect that it will deliver savings for consumers,” Ms Gallagher said.
“We’ve seen similar rules put in place in markets elsewhere around Australia and the results have been encouraging. It becomes easier for consumers to compare different options and select a plan that is best for them, which is very much a good thing.”
“It’s important to remember that these standing offers will not be the best available offer. They are more like a safety net — a starting point for a fair and easy-to-understand price. But if you ask the right questions of your retailer you can and will get a better price. That’s what we advise all Canberrans to do.”
Lynne also featured on ABC Radio Breakfast with Lish Fejer in an interview with Dan Bourchier. Catch her at 1 hour 50 minutes in, here.