The energy retail sector could soon get even more competitive with Melbourne-based start-up Elysian Energy applying for a retail permit.
Elysian Energy has applied for an electricity retailer authorisation with the Australian Energy Retailer under the National Energy Retail Law, and is promising customers cheaper prices.
Elysian is offering electricity plans within Victoria first, and plans to expand to other states in the first half of 2019.
Related article: Energy retailers fined over alleged life support breaches
Elysian Energy is headed by Scott Wells, the managing director and founder. Mr Wells started the company because, according to Elysian, energy customers were not getting a fair deal.
“The industry is cluttered with marketing material, much of which is directed at confusing customers rather than helping customers get the best deal and managing their costs,” the Elysian website reads.
“Scott and the Elysian Energy team know it’s time for a change, and time for Australians to get switched on about their energy providers.”
Under the National Energy Retail Law, a company must hold a retailer authorisation (unless exempt from the requirement) prior to engaging in the retail sale of energy (electricity or gas).
Related article: New scam targeting electricity customers
The National Energy Retail Law sets out three entry criteria that must be satisfied to obtain a retailer authorisation:
- organisational and technical capacity—the applicant must have the necessary organisational and technical capacity to meet the obligations of a retailer
- financial resources—the applicant must have resources or access to resources so that it will have the financial viability and financial capacity to meet the obligations of a retailer
- suitability—the applicant must be a suitable person to hold a retailer authorisation.
The AER has opened submissions from interested stakeholders regarding the application, which must be submitted by February 21, 2019.