Downward pressure on energy prices

NSW Minister for Industry, Resources and Energy, Anthony Roberts, yesterday introduced legislation into State Parliament to put greater downward pressure on energy prices. The Energy Legislation Amendment (Electricity and Gas Pricing) Bill 2015 is the next step in the deregulation of retail energy prices.

Mr Roberts said the legislation would provide certainty for customers and the market by enshrining the Government’s reforms around electricity price deregulation and would update current safeguards for electricity and gas customers.

“Since we deregulated the retail electricity market on 1 July 2014, more than 418,000 customers have switched to a better deal, leaving fewer than 21 per cent of customers on the former regulated tariff.” Mr Roberts said.

Under the proposed legislation, gas prices will be deregulated from 1 July 2017, on the condition that there is a considerable increase in the level of competitive offers available to customers in regional NSW.

 

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