Consumer advocates are calling for an overhaul of a market cap that allows wholesale power prices in Australia’s biggest grid to periodically soar to the highest levels in the world.
Groups including Energy Consumers Australia, which represents small energy users, say households are needlessly paying billions of extra dollars under a cap they claim does little but hurt them.
The market price cap applies to the NEM, which serves more than 10 million customers along Australia’s eastern seaboard.
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The concerns by ECA and other user groups including the South Australian Council of Social Service and the Justice and Equity Centre come amid a review of the reliability framework.
Carrying out the review is a body known as the reliability panel, which sits under the AEMC and is comprised of representatives from across the energy industry.
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