The consumer watchdog has found the Albanese Labor Government's Cheaper Home Batteries program and energy bill relief are effectively lowering bills across the country, with more reforms to get better deals for billpayers on the way.
The latest Australian Competition and Consumer Commission's Inquiry into the National Electricity Market (NEM) has found Australians are investing in solar and home batteries at an unprecedented rate, bolstered by federal and state government incentives.
Homes and businesses with solar and battery systems were found to have lower electricity bills, with those participating in virtual power plants benefiting from even greater cost savings.
The report also shows Government rebates are having a positive impact on affordability, lowering household bills in all regions.
The ACCC inquiry report is the 13th report released as part of its inquiry into electricity supply in the NEM, established as part of the Prohibiting Energy Market Misconduct (PEMM) Act 2019.
The Albanese Government is now further strengthening consumer protections, in response to a review of the PEMM Act, to ensure energy companies are doing the right thing.
In responding to the review, the Government will consult on expanding the current protections around retail pricing to ensure companies don't over inflate prices in response to cost increases, as well as introduce measures to ensure companies aren't engaging in cross-market manipulation between wholesale and financial markets.
The Government will also extend the sunset date of the PEMM to 1 January 2031 to maintain current consumer protections.
Quotes attributable to Minister for Climate Change and Energy Chris Bowen:
"Australians deserve a fairer go when it comes to their energy bills - whether it's cracking down on dodgy retailers or making it easier for more people to access rooftop solar and home batteries.
"The latest ACCC report shows that households are starting to reap the benefits of a fairer energy system, but we're not going to let any opportunity to keep on fixing the energy market pass us by.
"In our second term, we're getting on with strengthening consumer protections, so that no household or business pays more than they should."
