ACCC calls for "big changes" to reduce energy bills by a quarter

The ACCC recommendations include splitting Queensland generators into three groups and selling two of them to medium-sized companies, as well as restricting future takeovers for to ensure that no company holds more than 20%

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The Queensland Government is expected to have "no problem" with the Commission's recommendation to divide its badets from production in three portfolios to "reduce market concentration" in the state.

He said the Australian regulator of energy should have the power to set default benchmarks, which will be used to measure and compare market reduction offers, giving consumers more clarity about their real power.

The watchdog recommended that the government guarantee production projects if it does not have enough energy consumption levy agreements such as founders and manufacturers.

Currently, new projects are underwritten by future energy supply contracts or large loans.

Overinvestment, Over-regulation

Energy Networks – the companies in charge of poles, wires and distribution – were in the honor of ACCC. These companies have been accused of excessive overinvestment and overregulation of electricity infrastructure worth about $ 20 billion. Their driving is considered to be the main driver of higher electricity bills, accounting for almost half of all bills.

The ACCC recommended that these companies voluntarily reduce this over-investment, which could save consumers about $ 100 a year. Mr. Sims said that if ACCC's recommendations are followed, an average NSW customer will be able to save over $ 400 (or a quarter) of his annual electricity bills by 2020- 21, while Victoria customers could save nearly $ 400. $ 300 a year. "If significant steps have been taken recently, the restoration of accessibility to electricity will require broad and comprehensive action," said Sims.

believe that our changes can and, if they are adopted, have a powerful and tangible impact on the accessibility of electricity for all Australians; This will reduce economic inequality and improve our national well-being.

Federal Resources Minister Matt Canavan called the ACCC report a "winner for coal", saying on Twitter that he recommended the government support coal production

]. ACCC specifically supported the government's investments in coal-fired generation, even though it allowed more gas to be produced and supported more dispatchable power.

Expansive energy can include coal, gas, battery storage or pumped hydroelectricity. Snowy 2.0

M. Sims said the most important change would be to regulate the industry's benchmark offer.

"One of the most important recommendations is to move" high "offers to a new standard."

"Great Changes Needed"

"Great Changes Are Needed to Make Gavin Duffy, head of politics and research at the St Vincent de Paul Society, welcomed the report, saying that a number of suggestions "will help energy consumers make things less difficult and simplifying competition. "

" Replacing the standing offer with a default offer by the regulator will limit the ability of firms to pay a price higher than those are disengaged by the market, "added Duffy, adding that limiting conditional discounts such as synchronizing payments to actual costs saved by retailers" will mean that people who can not These obligations will not be exploited "