The Australian Competition and Consumer Commission (ACCC) made 56 recommendations regarding the high electricity prices in Australia. 

Released in the ‘Retail Electricity Pricing Inquiry’ report, ACCC believes that an average household will be able to save between 20 to 25 per cent on their electricity bill, around $290 to $415 per annum, if the recommendations are followed. 

“The National Electricity Market is largely broken and needs to be rest. Previous approaches to policy, regulatory design and competition in this sector over at least the past decade have resulted in a serious electricity affordability problem for consumers and businesses,” ACCC Chair Rod Sims said. 

Mr Sims outlined some electricity affordability issues were due to the concentration of wholesale and retail markets, inconsistent discounts, regulation, and poorly designed policy. 
Moreover, once adopted, Australia’s small and medium businesses could save an average of 24 per cent on their bill. 

“Many small to medium businesses operate on very small margins, and cannot afford the increases to their costs that have occurred over past year,” Mr Sims said. 

“One of the most important recommendations is to move customers off excessively high ‘standing’ offers to a new standard ‘default’ offer to be independently set by Australian Energy Regulator,” He added. 

Some of the other recommendations include abolishing the current retail standing offers, applying premium solar feed-in-tariff schemes, and improving the powers of the Australian Energy Regulator (AER) to investigate and increase penalties if necessary.