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AustraliaTreasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2018

Senate Economics Committee

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About this Review

The Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2018 was introduced into the House of Representatives on 5 December 2018. It was referred to committee on 6 December 2018.

The Committee is due to report on 18 March 2019.

Submissions were due by 25 January 2019 (brought forward from 11 February 2019)

Public hearings were held in Sydney on 5 February and Melbourne on 6 February.

 

Summary of bill

From Bill homepage: Amends the Competition and Consumer Act 2010 to: prohibit certain conduct in electricity retail, contract and wholesale markets, broadly relating to retail pricing, financial contract market liquidity and conduct in wholesale spot markets; provide remedies which the ACCC may use if it reasonably believes a corporation has engaged, or is engaging, in prohibited conduct in the electricity sector; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to issue a written order to a corporation or another body to make offers to enter into electricity financial contracts with third party entities; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to apply to the Federal Court (the court) for a divestiture order and for the court to make related orders that a corporation or another body corporate dispose of interests in securities or assets that are part of its electricity business; set out the notice and recommendation procedures that must be followed before an order can be made in respect of a corporation or another body corporate; confer new compulsory information gathering powers on the Australian Energy Regulator (AER); allow the AER to share information with other agencies; and facilitate the conferral of functions related to the regulation of retail electricity prices on the AER.

 

Submissions

Submissions to the Review were due by 25 January 2019. Thirty submissions were received and can be viewed on the Committee website.