The Australian Energy Regulator (AER) has today released the final Retail Pricing Information Guideline and Notice of Final Instrument developed under the National Energy Retail Law (Retail Law). The Guideline will apply to energy retailers and will take effect from 1 July 2012, when the Retail Law is expected to commence.
The Retail Law includes new roles for the AER to mandate the way retailers present their pricing information to customers. To support these functions, the Retail Law requires the AER to develop and implement a Retail Pricing Information Guideline, which provides guidance to retailers in the presentation of energy offers. Of particular note under the Guideline is the requirement for retailers to produce Energy Price Fact Sheets for each generally available offer. These fact sheets will provide customers with a broad overview of offers available, including details such as price, fees, contract length and discounts.
The AER commenced consultation on its approach to the Guideline with the release of an issues paper in March 2010. In April 2010, the AER commissioned Wallis Consulting Group to undertake qualitative market research to obtain customer feedback on a range of areas relating to the Guideline.
The AER published a position paper and draft Guideline for stakeholder consultation in September 2010. The AER released a second draft Guideline and draft notice of instrument in May 2011. These papers, and written submissions received in response to them, are available on the AER’s website.
The AER has used this consultation to develop the final Guideline released with this notice. The final Guideline and notice of instrument are now available on the AER’s website.