ACCC boss Rod Sims places power retailers on discover on value


Competitors regulator Rod Sims has warned power retailers should go on the sharp falls in wholesale electrical energy costs to their prospects, because the watchdog sharpens its deal with policing the pricing of important companies in 2021.

Mr Sims, chairman of the Australian Competitors and Client Fee (ACCC), on Tuesday stated that the wholesale value of electrical energy had now fallen by about half and it was incumbent on electrical energy retailers to go these financial savings on to prospects

Rod Sims: “Consumer saw prices go through the roof for a range of reasons, they’ve got to get the benefit of prices coming down.”

Rod Sims: “Client noticed costs undergo the roof for a spread of causes, they’ve obtained to get the good thing about costs coming down.”Credit score:Jessica Hromas

“Customers noticed costs undergo the roof for a spread of causes, they’ve obtained to get the good thing about costs coming down,” Mr Sims advised journalists after addressing the Committee for Financial Improvement of Australia (CEDA) at a lunch in Sydney.

He added that the ACCC was intently monitoring the market and the pricing of outlets, and in some instances asking retailers to justify their costs.