Energy minister puts retailers on notice

kooyong

Federal Energy Minister Josh Frydenberg has put electricity retailers on notice to give consumers a better deal.

In a Sky News interview on Sunday, Mr Frydenberg said he was waiting for the Australian Competition and Consumer Commission (ACCC) to release a report at the end of this month looking into the energy network, as well as wholesale and retail prices.

He declined to reveal what action the government would take if retailers don’t deliver fairer energy prices.

“I’m not going to foreshadow any particular action the government may or may not be taking other than to say the companies are on notice,” Mr Frydenberg said.

“The companies have not served their customers well, they have a lot of explaining to do.”

A report released last week by the Australian Energy Market Commission (AEMC) revealed energy is the only sector to have had decreased satisfaction in the past year, with trust dropping from 50 per cent in 2017 to 39 per cent in 2018.

The 2018 National retail energy competition review revealed satisfaction with value for money in energy is lower than banking, water, broadband and mobile sectors.

Mr Frydenberg also said last week’s meeting with state energy ministers was constructive.

“I think the penny’s dropped for the states that the National Energy Guarantee (NEG) is not only plan A, it’s actually plan A, B, C and D,” he said.

“There is no other alternative on the table.”

Mr Frydenberg plans to legislate the NEG by the end of the year.