Delivering quality infrastructure
Effective economic regulation essential to ensuring sustainable investment in infrastructure
Energy
iSelect in court for alleged misleading conduct and claims about energy plan comparisons
The ACCC has instituted proceedings in the Federal Court against iSelect Limited, for misleading or deceptive conduct and false or misleading representations in relation to its energy plan comparison service.
The ACCC alleges that since at least November 2016, iSelect has claimed consumers using its website would benefit from iSelect comparing all plans available from its partner retailers in a specific location. During this period, iSelect also claimed that it would recommend the most competitive plan to consumers.
CDR draft rules (banking)
The draft rules for the CDR cover many issues central to the implementation of CDR in banking. They will allow potential participants in the CDR system to continue their planning with the benefit of some greater guidance.
Lochard’s acquisition of Heytesbury gas reservoirs not opposed
The ACCC will not oppose Lochard Energy’s proposed acquisition of the Heytesbury depleted gas reservoir assets from Origin Energy.
Lochard owns and operates the underground gas storage facility at Iona, near Port Campbell, which is currently the only underground gas storage facility in Victoria.
The Heytesbury assets are depleted gas reservoirs located near the Iona facility, which may have potential for underground gas storage development. Lochard is paying Origin a nominal amount for the assets.
Relief needed for manufacturers battling high gas prices
The high cost of gas poses an imminent threat to east coast manufacturers, making them internationally uncompetitive and increasing the likelihood they will wind up or relocate their operations, ACCC Chair Rod Sims said in a speech to the Australian Domestic Gas Outlook conference in Sydney today.
Mr Sims called on gas suppliers to immediately consider how they could avoid driving manufacturers and other domestic gas users out of the market.
Reserves & resources reporting framework
The ACCC has developed the proposed reporting framework in order to progress recommendations made jointly with the Gas Market Reform Group (GMRG) to the Council of Australian Governments (COAG) Energy Council in December 2018, in a report entitled Measures to improve the transparency of the gas market.
Transparency recommendations
The ACCC and GMRG have worked together to identify the information deficiencies in the east coast gas market and the steps that could be taken to improve transparency in the market.
Investment required for lower priced gas
Gas users’ longer-term concerns about prices in the east coast gas market could be alleviated if there is timely investment in gas development and key infrastructure, according to the Gas Inquiry 2017-20 Interim Report released by the ACCC today.
Suppliers expect to produce sufficient gas in the east coast to meet the expected demand in 2019, but domestic prices remain too high for many gas users.
December 2018 interim report
The ACCC released its fifth interim report as part of its inquiry into Australia’s wholesale gas supply arrangements.