The Australian Energy Market Coordinator (AEMC) has sought industry feedback on how regulations for a new energy market can protect consumers.
The AEMC forecasts that with new technologies and the take-up of renewables, the distinction between consumers and producers of electricity will break down, and a two-sided market will emerge.
“Technology is moving us towards a world with high levels of two-way trade of electricity in a wholly connected energy market where consumers are rewarded when buying and selling energy in real time,” said acting AEMC chief executive, Suzanne Falvi.
To understand how this change will affect consumers, the AEMC has released two issues papers and invited industry feedback.
The first paper explores how to make consumer protections simpler and make it easier for consumers to know their rights and methods of dispute resolution. The potential for voluntary codes is explored in this paper.
The second paper covers the digitalisation of the energy market, and information provision, cooling-off periods, and informed consent requirements.
Feedback is due by February 13, 2020.
“It’s important that rules and regulations to protect energy consumers aren’t left behind by the pace of change,” said Falvi.
“This review will consider how best to protect consumers in this evolving market. At the same time, we want to avoid the risk of out-of-date regulations inhibiting future digital innovation as we move towards a more two-sided market.”