The Independent Pricing and Regulatory Tribunal (IPART) is seeking comments on its proposed approach to monitoring the NSW retail electricity market in 2015.
Under regulatory changes made earlier this year, IPART no longer sets electricity prices, but has a new role to monitor the performance and competitiveness of the market to help ensure price and product diversity for the benefit of small consumers.
IPART Chairman Peter Boxall said information from retailers would be combined with research undertaken by the Australian Energy Market Commission, Australian Energy Regulator and Australian Energy Market Operator to measure the competitiveness of the market.
“An effectively functioning competitive market offers the best protection for consumers, as retailers compete against each other for customers through prices, product innovation and better service,” Dr Boxall said.
“Our new monitoring role is to ensure that the market continues to be competitive to protect households and small businesses against the abuse of market power.”
“Our focus will be on monitoring price movements and price and product diversity so we can provide advice to the NSW Minister for Resources and Energy about the state of the market.”
IPART has today released information about its proposed approach to electricity market monitoring and is seeking feedback on that approach until 13 February 2015.
IPART will release a draft report on the state of competition in the NSW retail electricity market in July 2015 and seek submissions on its findings before providing a final report to the Minister in November 2015.
A fact sheet on electricity market monitoring is available from this link.
Media contact: Julie Sheather 02 9290 8403 or 0409 514 643
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