The Federal Government has announced it will conduct three new energy market reviews to ensure the efficiency and transparency of the sector ahead of the planned carbon tax.

 

The Department of Resources, Energy and Tourism (DRET) has published a fact sheet which outlines the expected growth in electricity prices over the coming two years.

 

The DRET says it expects a rise in prices by up to 13%, with an additional 10% rise in the event of the introduction of the Federal Government’s planned carbon tax.

 

The reviews will be designed to ensure that the energy sector remains under close scrutiny, that the networks will maintain productivity and efficiency, that sufficient incentives are in place to ensure best practices are followed and improved upon and to allow full disclose to the energy consuming public.

 

The three reviews will be focused on the following

  • First review – To examine the current appeal processes to balance expanding of investment returns with price rises
  • Second review – to ensure sufficient incentives are in place for the industry
  • Third review – To establish the best method to set up energy information hub to provide consumers with information on energy use.