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The Morrison Government’s new measures designed to deal with misconduct in the electricity sector and ensure Australian households, businesses and industries get a fair deal on energy has passed the Senate.
For too long, electricity retailers have in the words of the Australian Competition and Consumer Commission (ACCC) “played a major role in poor outcomes for consumers”.
To address this, the ‘Big Stick’ legislation contains three new prohibitions designed to target specific misconduct in electricity retail, contract and wholesale markets.
The laws will ensure that electricity retailers pass on reductions in wholesale electricity prices to consumers and make it easier for smaller energy businesses and new entrants to compete with gentailers.
Where the ACCC identifies prohibited conduct through its ongoing electricity price monitoring inquiry, the new law makes available a graduated set of remedies and responses, including ACCC-issued public warning notices and infringement notices and court-ordered civil penalties.
For the most egregious breaches, the legislation makes available two additional significant remedies:

• Treasurer-issued contracting orders that will require electricity companies to offer electricity financial contracts to third parties; and
• Federal Court ordered divestiture orders relating to misconduct in the wholesale market.

These significant remedies are reserved as a last resort, where this would be proportionate and targeted to the conduct in question and, in the case of a divestiture order, where the order is considered to have a net public benefit. Importantly, these remedies are only available upon the recommendation of the ACCC, following a legislated process which provides the energy company with an opportunity to respond or remedy its conduct.
The new market manipulation laws will commence six months after Royal Assent, which will provide time for the ACCC to develop enforcement guidelines and for businesses to review their practices to ensure they are compliant. The legislation will sunset at 1 January 2026, following the conclusion of the ACCC’s inquiry into the National Electricity Market.
The measures in this legislation are part of the Government’s plan to deliver a fairer, more affordable and reliable energy system and a stronger economy for all Australians. This includes:

• Introduction of the Government’s Default Market Offer ‘price safety net’ on 1 July, leading to reductions in both standing offers and high-priced market offers. Saving customers who were on the highest standing offers before 1 July, up to $664 in NSW, $481 in SA and $663 in South East Qld.
• Reform of gas pipeline regulation led through the COAG Energy Council and extension of the ACCC gas inquiry to 2025.
• Extension of the Consumer Data Right to energy, to make it easier for consumers to switch energy providers to get a better deal.
• Progression of the Underwriting New Generation Investments program to improve competition and reduce wholesale prices.
• Establishing a new $1 billion Grid Reliability Fund, to support Government investment in new energy generation, storage and transmission infrastructure.

Our plan is already delivering results with an unprecedented three consecutive quarters of price reductions according to the ABS.
The Bill will now return to House of Representatives for final passage.
View the energy policy blueprint here: https://www.energy.gov.au/energy-policy-blueprint-fair-deal-energy.

Greens Senator for NSW, Dr Mehreen Faruqi, has spoken to the tragedy of bushfires in her state and the Prime Minister’s shameful silence on the the link between bushfires and the climate emergency. Senator Faruqi said:
“My heart goes out to the communities utterly devastated by the tragedy of losing their loved ones and their homes. It’s also horrendous to see hundreds of koalas dead and the bush destroyed.
“The mid-north coast of NSW is a place I know well. It was my home for many years. It’s where I lived and worked and where my children grew up. Friends from Port Macquarie, Taree and Johns River have been telling me of the raging fires. They were scared of the speed and extent of destruction. They thought the end of the world was coming.
“The community needs every bit of support and help the government can give them here and now. They must be supported to get through this disaster and to build resilience. Instead of budget cuts as the NSW Liberal National government has done over the years, our brave firies must have the resources they need to do their jobs in protecting communities and do it safely.
“Prime Minister Scott Morrison and his Deputy are putting communities in danger by not acting on the climate emergency. The PM remains shamefully silent on the link between the bushfires and the climate emergency, knowing full well the intensity and frequency of bushfires will only get worse if we don’t act immediately.
“If this doesn’t wake the PM up from his climate stupor, I’m not sure what will.  We need real action on the climate crisis and its consequences. The community deserve much better.”

Big oil copped another blow to their plans to drill in the Great Australian Bight today, with the government agency NOPSEMA, rejecting Norwegian company Equinor’s application requiring them to modify and resubmit their environment plan.

“The Norwegian oil giant should quit while it still can. There’s no safe way to drill in the Great Australian Bight, and South Australians, and Australians alike, will not give big oil a green light – not now, and not ever,” Senator for South Australia and Greens Environment Spokesperson Sarah Hanson-Young said.

“The company’s environment and safety plan has been rejected, after failing to deal with the risk of an oil spill, amongst other flaws. The environmental and economic risks are too high and there is no support in the community for turning our Bight into an oil field.

“Drilling for oil in the remote, rough seas of the Great Australian Bight will be a disaster. It cannot be done safely and no amount of amendments to an Environment Plan will ever see the precious marine and coastal environment protected.

“Equinor should can its plans now, just like BP and Chevron did before them.

“The overwhelming majority of South Australians oppose drilling in the Bight, along with the vast majority of Australians. Now the regulator has again rejected Equinor’s plan highlighting many issues including consultation, source control, oil spill risk and protection matters under the EPBC Act.

“What more will it take for Equinor to get the message its oil rigs and environment-wrecking project is not welcome here?

“The ecological and environmental significance of the Bight is priceless. Thousands of fishing and tourism jobs rely on it. It must be protected, with World Heritage listing, not exploited for more dangerous fossil fuels, especially in this climate crisis.”

Labor extends our sincere sympathies to those who have lost loved ones and property, in the latest bushfires in Queensland and New South Wales.
The ferocity of these bushfires is unimaginable.
This morning’s news of lives lost is heartbreaking for the families and communities affected. Our thoughts are with the affected communities, and all those still in harm’s way.
We pay tribute to our incredible emergency personnel and volunteers for their brave efforts to protect their fellow Australians. You have the nation’s gratitude. We cannot thank you enough.
Clearly, the situation remains dangerous. To all who are in affected areas – please, listen to warnings. Stay safe.
Labor stands ready to work with the Government and affected communities in any way we can assist.