In June 2017, Dr. Alan Finkel’s Final Report on the Independent Review into the Future Security of the National Electricity Market (known as “The Finkel Report”) was released.
We at Powershop, and Meridian Energy Australia (our parent company) welcomed the report and its findings, and we were proud to actively participate in the consultation process. We support all 50 recommendations of the report that should help to bring stability to the Australian electricity market. Supporting these recommendations is a key first step in allowing Australia to meet its Paris Climate Change obligations. In fact, much more will be required and Powershop is keen to be a part of the solution.
Implementation of the report’s findings will bring welcome policy stability that we believe will lead to greater investment in renewable energy in Australia. The increased supply of wholesale electricity that will result should have the impact of reducing wholesale prices over time, bringing welcome relief to Australian residential and commercial customers.
We also support the report’s backing of the ACCC inquiry into the retail electricity market. Any opportunity to improve transparency and clarity of retail prices, and to ensure customers are aware of when their current deal ends would again provide customers relief from current high retail prices. It’s important to note that as part of our fair pricing for all approach: all Powershop customers have access to the same deal in their state and we don’t have ‘deals’ that expire.
Powershop supports strategies and policies that assist Australia’s inevitable transformation to a more renewable and distributed electricity system that fosters greater community involvement. The Australian marketplace has many challenges ahead of it and we’re looking forward to being part of the solution, through both our retail and generation activities.
Read more about our latest initiative, Your Community Energy.
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