Competition regulator Rod Sims has warned energy retailers must pass on the sharp falls in wholesale electricity prices to their customers, as the watchdog sharpens its focus on policing the pricing of essential services in 2021.
Mr Sims, chairman of the Australian Competition and Consumer Commission (ACCC), on Tuesday said that the wholesale price of electricity had now fallen by about half and it was incumbent on electricity retailers to pass these savings on to customers
Rod Sims: “Consumer saw prices go through the roof for a range of reasons, they’ve got to get the benefit of prices coming down.”Credit:Jessica Hromas
“Consumers saw prices go through the roof for a range of reasons, they’ve got to get the benefit of prices coming down,” Mr Sims told journalists after addressing the Committee for Economic Development of Australia (CEDA) at a lunch in Sydney.
He added that the ACCC was closely monitoring the market and the pricing of retailers, and in some cases asking retailers to justify their prices.
