New law to compel ACT electricity retailers to inform customers of better deals

The new law, which is aimed at making it easier for Canberrans to compare deals, would require retailers to provide a reference price to customers that would give a common point of comparison to assess electricity offers.

Retailers would also need to regularly tell customers if a better deal was available.

ACT Energy Minister Shane Rattenbury told the Assembly it would assist customers to make more informed choices.

"There are still many customers that pay more than they should because comparing offers and discounts is difficult for them," Mr Rattenbury.

Mr Rattenbury said the reference price would not show the lowest deal available but rather it would be a "comparison tool or benchmark" set annually to reflect the average customer's annual price of electricity.

"Retailers will use this price for comparison purposes in their advertising, ensuring that all offers and discounts are compared against the same benchmark," he said.

The bill was introduced to the Assembly last month.

Earlier this year, Mr Rattenbury directed the Independent Competition and Regulatory Commission to develop a new industry code to make way for the changes.

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The commission had previously recommended the change following its investigation into the territory's power prices.

The bill was a commitment in the ACT power-sharing agreement between Labor and the Greens.

The ACT opposition supported the changes, but Canberra Liberals spokeswoman for energy and emissions reduction Leanne Castley questioned why it was not implemented earlier.

She pointed to the fact similar measures had already been introduced in NSW, South Australia and Victoria.

"This bill is overdue particularly as we have a host of retailers in the market, Canberrans have been left in the dark for too long," Ms Castley said.

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