IPART finds electricity market competition working
MINISTER for Industry, Resources and Energy, Anthony Roberts, today welcomed a draft report by the Independent Pricing and Regulatory Tribunal (IPART) that found competition in the NSW retail electricity market is working effectively.
IPART's Review of the Performance and Competitiveness of the Retail Electricity Market in NSW found the NSW Government's deregulation of the retail electricity market was a major reason for increased competition, which is delivering savings for NSW customers.
IPART found typical residential customers can save on average between $290 and $390 a year and average small business customers can save between $360 and $610 per year by switching to competitive market offers.
Mr Roberts said IPART reported there are 20 different electricity retail brands across the state, with four electricity retailers entering the NSW market in the past year.
"The NSW Government's reforms to the retail electricity market are boosting competition and driving down prices for the state's customers," Mr Roberts said.
"Around 25 per cent of customers have switched to a better offer in the past year.
"Our reforms to promote competition and put downward pressure on prices were opposed by the Labor opposition, which should be embarrassed by IPART's report.
"On top of that, our Network Reform Program is delivering $5.8 billion in savings that will no longer be passed onto customers in the form of higher bills- savings Labor said could not be delivered."
Submissions on IPART's Draft Report are due by 4 September 2015 with the final report to be handed to the NSW Government by the end of November 2015.