Prime Minister puts the pressure on over energy

Prime Minister Malcolm Turnbull and Federal Treasurer Scott Morrison today announced that they have directed the Australian Competition and Consumer Commission (ACCC) to investigate retail electricity prices.

The prices of energy has skyrocketed across the country and the government wants to know why and what can be done about it.  The investigation will report on the actions of the energy companies as well as the offers and contracts offered to consumers.

Other items that the ACCC will be investigating are the key costs behind retail electricity pricing, what the entry barriers are in the retail market in hopes of offering more competition,  and whether or not there are actions taken by the energy companies to prevent competition or consumer choice.

The government has given the ACCC until the 30 of June 2018 to report because of the “data-intensive and complex nature” of the inquiry. The Prime Minister stated, “They and they alone can get to the bottom of this and will do so promptly”. South Australian senator Nick Xenophon doesn’t think that the move is good enough.  He told the ABC, “There are businesses and consumers that simply cannot wait another 12 months before there’ll be senate proposals which may or may not be acted upon”.

What do you think of the announcement?  Do you think 2018 is too far away?  What could be done now to lower prices?