Flynn MP Boyce awaits ACCC investigation findings in electricity rates

Local Flynn MP Colin Boyce is eager to see action once the ACCC share the findings from the recent investigation into price gouging and anti-competitive conduct during this rolling national power crisis.

Federal Member for Flynn Colin Boyce is hopeful the Labor Government will take action in ensuring more affordable electricity rates to manufacturing, agricultural and consumer electricity bills are prioritised following the results of an Australian Competition and Consumer Commission’s investigation.

The ACCC investigation will analyse energy companies’ profits and margins following soaring energy bills across the country.

Mr Boyce said the investigation was imperative as he claimed Queensland consumers were being ‘ripped off’ and government owned corporations were being loaded up with debt.

“The Queensland Government should be providing affordable electricity rates for manufacturing, agricultural and consumer electricity bills, not ripping them off,” he said.

Regional Queensland energy prices are regulated through the QCA determination and are still on average 10 per cent lower today than they were in 2017-18.

In a recent statement published on the ACCC website, chairperson Gina Cass-Gottlieb said the investigation would “assess and bring to the government’s attention any need for regulatory change to ensure electricity and gas markets function properly for the benefit of all Australian consumers”.

A series of regulatory reviews into the critical energy market are on the horizon following the conclusion of the investigation.

“I am looking forward to seeing the findings handed down by the ACCC and actions being taken as Queensland consumers deserve better,” Mr Boyce said.

But Queensland Energy Minister Mick de Brenni said Australians were living with a cost-of-living hangover from “a decade of failed energy policies curated by the LNP team of people like Mr Boyce”, leaving the nation exposed to expensive global energy markets.

“Colin Boyce should take off his tinfoil hat and back our plan to drive down power prices by putting more renewables and storage into the energy system,” he said.

“Energy Ministers have commissioned an investigation by the Australian Energy Regulator and we’ll consider its findings along with the regular ACCC reports when they are handed down.”