The energy industry said the call by the NSW opposition to re-regulate the New South Wales electricity market is trying to address the wrong problem and would do nothing to protect households or NSW taxpayers from rising costs of living.
The Australian Energy Council’s Chief Executive, Matthew Warren, said recent price increases were the result of sustained national policy uncertainty, government interference and arbitrary constraints on gas supplies.
“This is driving up electricity prices to unsustainable levels. The impact on the industry, its customers – households and businesses - and the economy generally has become critical, but populist moves are likely to only make the situation worse and constrain future investment in the state.
“Re-regulation will not contain the cost pressure tide in the electricity market. It is addressing the wrong problem - the real problem is policy flip flopping and government interventions.
“Competition in electricity markets has been working in NSW since deregulation in 2014 with consumer benefits highlighted by the Independent Pricing and Regulatory Tribunal’s reviews of the market.”
About the Australian Energy Council
The Council represents 21 major electricity and downstream natural gas businesses operating in competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia and sell gas and electricity to over 10 million homes and businesses.
Media contact Carl Kitchen 0401 691 342
Australian retail household electricity prices in the National Electricity Market are the lowest they have been for eight years and are the 10th lowest of the 38 OECD countries, according to analysis undertaken by the Australian Energy Council.
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