Energy Security Board consultation on ACCC Recommendations 6 and 7

Publication date: Friday, 28th September 2018.

The Energy Security Board (ESB) was tasked at the August 2018 Council of Australian Governments (COAG) Energy Council meeting with providing advice to the Council on Recommendations 6 and 7 of the Australian Competition and Consumer Commission (ACCC) Retail Electricity Pricing Inquiry – Final Report (June 2018). Two consultation papers have been prepared by the ESB to inform its advice to the COAG Energy Council.

Recommendation 6: The National Electricity Law should be amended so as to require the reporting of all over-the-counter (OTC) trades to a repository administered by the Australian Energy Regulator.

Recommendation 7: The Australian Energy Market Commission should introduce market making obligations in South Australia which require large, vertically integrated retailers to make offers to buy and sell specified hedge contracts each day, to boost hedge market activity.

In developing its advice, the ESB has been asked to consider the interaction of ACCC recommendations 6 and 7 with the design of the reliability component of the Guarantee and relevant recommendations of the Finkel Review.

Submissions

The ESB invites comments from interested parties on the issues and questions set out in these papers by 19 October 2018. Feedback received will inform the ESB’s advice to the COAG Energy Council by December 2018.

Submission close date

19 October 2018

Lodgement details

Email to: info@esb.org.au

Naming of submission document

[Company name] Response to OTC Transparency in the NEM Consultation Paper [or] Market Making Requirements in the NEM Consultation Paper

Form of submissions

Clearly indicate any confidentiality claims by noting “Confidential” in document name and the body of the email

Late submissions

Late submissions will not be accepted

Publication

Submissions will be published on the COAG Energy Council’s website, following a review for claims of confidentiality

Council Priority Issue