RoLR Event
On Friday 2 August 2024, Maximum Energy Retail Pty Ltd (Maximum Energy Retail) was suspended from the National Electricity Market (NEM) by the Australian Energy Market Operator (AEMO) for failing to comply with AEMO requirements. This constituted a Retailer of Last Resort (RoLR) event under the National Energy Retail Law (Retail Law).
Electricity retailer authorisation revoked
Under section 142 of the Retail Law, the Australian Energy Regulator (AER) revoked Maximum Energy Retail's electricity retailer authorisation (AER reference E21004) with effect from 24:00 Australian Eastern Standard Time on 2 August 2024 (i.e. midnight that day) (the transfer date)..
This means that, for the purposes of section 88 of the Retail Law, Maximum Energy Retail must not engage in the activity of selling electricity to a person for premises in New South Wales, Queensland, the Australian Capital Territory, South Australia and Tasmania.
Electricity licence revoked
From 30 July 2024, the National Energy Retail Law (Victoria) Act 2024 (Act) and the National Energy Retail Law (Victoria) Regulations 2024 (Regulations) have commenced. The amendments give the AER the responsibility of managing RoLR events across the National Energy Customer Framework and in Victoria. From 30 July 2024, where the AER issues a RoLR notice due to the occurrence of a specified RoLR Event and revokes the failed national retailer’s retail authorisation, section 49B(2) of the Electricity Industry Act 2000 (Vic) automatically revokes the Victorian licence of that retailer. Maximum Energy Retail, will therefore be subject to the operation of section 49B(2) of the Electricity Industry Act 2000 Vic).
Under section 49B(2) of the Electricity Industry Act, as the AER has revoked Maximum Energy Retail's electricity retailer authorisation, Maximum Energy Retail's electricity retail licence is also revoked with effect from the transfer date.
This means that Maximum Energy Retail must not engage in the activity of selling electricity to a person for premises in Victoria.
Background
On 12 August 2021, the AER approved an electricity retailer authorisation application from Maximum Energy Retail under the Retail Law.
On 15 March 2021, the AER accepted an application from Maximum Energy Retail for an electricity retailer authorisation under the Retail Law.
The AER sought submissions from interested stakeholders. Consultation on the application closed on Thursday 15 April 2021. No submissions were received.
Registration of business name
On 10 February 2021, Maximum Energy Retail Pty Ltd registered the business name, Circular Energy.