Electricity prices: ACCC calls for new powers to fix ‘market manipulation’

Consumers could save hundreds of dollars a year on their power bills if legal changes boosted competition among electricity wholesalers and retailers, the competition watchdog has said.

A report by the Australian Competition and Consumer Commission, to be released on Wednesday, calls for new powers for the Australian Energy Regulator to target “market manipulation” and a reset of the national energy market to reduce “unnecessary costs” such as network charges.

The report also lends support to the Coalition’s proposed national energy guarantee before a crucial meeting in early August between state and territory ministers to debate the design of the Neg, as the government stares down an internal revolt from Tony Abbott on emissions reduction.

Published in The Guardian, 10th July, 2018