August Retail Pricing Update

August Retail Pricing Update

AU Energy Compliance
Retail prices have dominated the headlines over the past week, with ongoing discussion of some retailers posting record profits and resultant calls for a Royal Commission into Energy. At the same time there have been some significant changes relating to energy retail pricing which have either been announced or recently came into force. In light of this we provide a quick update on the National Energy Guarantee (NEG), electricity default prices and changes to the display of pricing information.   By Dr Drew Donnelly, Compliance Quarter. 1. Emissions obligation in the NEG – gone for now Perhaps the most significant of the Commonwealth Government’s policies intended to reduce retail electricity prices was the National Energy Guarantee (NEG). On 20 August then Prime Minister, Malcolm Turnbull, announced that the emissions obligation…
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Webinar – The Exemption Party is Over – bringing embedded networks into the national framework

Webinar – The Exemption Party is Over – bringing embedded networks into the national framework

AU Energy Compliance
In this Compliance Quarter free webinar, founder Connor James, is joined by Alex Silcock to look at the recent news developments that will mean the end of exemptions and what this means for embedded networks and the national framework. We produce content for our clients in the form of webinars, online compliance training, news articles, and analysis. This is delivered through our custom compliance software, the Compliance HUB. In addition, the HUB is focused on helping our clients manage successful compliance programs and is supported by our regulatory expertise. If you would like to know more, please contact us by clicking here to access the contact form. We hope you enjoy the webinar. [embed]https://youtu.be/ZRjf9UyhLZ4[/embed]
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AEMC Rule regarding customers experiencing hardship

AEMC Rule regarding customers experiencing hardship

AU Energy Compliance
Customer hardship remains an area of significant concern for regulators of the Australian energy market. As energy is an essential service, energy hardship provisions aim to ensure the continuity of supply and management of energy debt for those individuals who are experiencing hardship. On 6 September 2018, the Australian Energy Market Commission (AEMC) made a draft rule to help customers who are having trouble paying their bills due to hardship. A new rule 75A will be inserted into the National Energy Retail Rules which will require that the Australian Energy Regulator develop, maintain and publish a customer hardship policy guideline. The customer hardship policy guideline will include processes, timelines and requirements to be complied with by retailers in connection with the approval or variation of their customer hardship policies, and…
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Unfair Contract Terms

Unfair Contract Terms

Financial Services
In March 2018, the Australian Securities and Investment Commission (ASIC) published REP 565 (found here: https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-565-unfair-contract-terms-and-small-business-loans/), which outlines changes to small business loan contracts made by the big four banks to comply with the unfair contract term law. This report also provides guidance to the broader small business lending industry. On Friday, ASIC announced that Prospa Advance Pty Ltd (Prospa) had changed the terms of its small business loan contract to address potential non-compliance with the unfair contract terms provisions of the ASIC Act. Changes agreed Prospa agreed to make the following changes: to the early repayment clause so that borrowers are able to repay the loan early without Prospa’s consent. Further, removing Prospa’s absolute discretion whether or not to provide a discount for prepayment. to the unilateral variation clause…
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