✦ Plain-English Summary

Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2019

What it does

This law cracks down on dodgy behaviour by big energy companies in the electricity market. It lets the competition regulator (ACCC) punish companies that break the rules and, in serious cases, can force them to offer electricity contracts to competitors.

Why it matters

Energy prices affect every Australian's power bill. Without these rules, large electricity companies could manipulate the market or unfairly squeeze out smaller competitors, potentially leaving households with fewer options and higher costs.

Key details

• Who it targets: Corporations operating in the electricity industry (mainly applies to big energy players)
• When it kicks in: Most rules start 6 months after the law gets Royal Assent, but the regulator's new information-gathering powers start immediately
• How long it lasts: The entire law expires on 1 January 2026, meaning parliament will need to decide whether to keep it or let it lapse
• What can happen: The ACCC can issue warnings, fines, or force companies to offer electricity contracts—giving the Treasurer ultimate power to impose tough remedies for serious breaches

Official Description

Amends the Competition and Consumer Act 2010 to: prohibit certain conduct in electricity retail, contract and wholesale markets, broadly relating to retail pricing, financial contract market liquidity and conduct in wholesale spot markets; provide powers and remedies which the ACCC may use if it reasonably believes a corporation has engaged, or is engaging, in prohibited conduct in the electricity sector; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to issue a written order to a corporation or another body to make offers to enter into electricity financial contracts with third party entities; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to apply to the Federal Court (the court) for a divestiture order and for the court to make related orders that a corporation or another body corporate dispose of interests in securities or assets that are part of its electricity business; set out the notice and recommendation procedures that must be followed before an order can be made in respect of a corporation or another body corporate; confer new compulsory information gathering powers on the Australian Energy Regulator (AER); allow the AER to share information with other agencies; and facilitate the conferral of functions related to the regulation of retail electricity prices on the AER.

Committee Referrals

Senate Economics Legislation Committee

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.