On 9 September 2022, the Australian Energy Regulator (AER) approved Powerdirect Pty Ltd's (Powerdirect) application to surrender its electricity retailer authorisation.
The AER may decide to approve the surrender of a retailer authorisation if it is satisfied that arrangements to appropriately manage the transfer of customers are in place. The AER may also place conditions on the transfer of customers in consultation with AEMO.
The AER has placed several conditions on Powerdirect as the surrendering retailer to ensure impacted customers are protected through the transfer. These conditions include a requirement for Powerdirect to ensure customers are provided with information about Energy Made Easy.
The surrender will take effect on 2 March 2023. Until then Powerdirect is still an authorised retailer and must continue to satisfy its retailer obligations, including maintaining its ombudsman membership and continuing to comply with its obligations relating to notifying customers of their dispute resolution rights.