Malcolm Turnbull tells electricity industry chiefs to cut prices

MALCOLM Turnbull is set to meet Australia’s electricity chiefs for the second time in three weeks over soaring power prices.

The nation’s electricity industry chiefs will be hauled in by Malcolm Turnbull for the second time in three weeks. Picture: Supplied

MALCOLM Turnbull is set to meet with Australia’s electricity industry chiefs for the second time in three weeks after an audit revealed more than one million households are paying too much for power.

The Australian reports the prime minister will meet with the eight biggest energy retailers on Wednesday in a bid to ensure all households are offered access to cheaper pricing deals.

“At our meeting earlier this month we reached significant agreements such as contacting all customers who are on expired discounts and telling them how much they can save on a better deal, but more can still be done,” Mr Turnbull told The Australian.

Prime Minister Malcolm Turnbull will require energy retailers to outline how they will help more families get on to a better deal. Picture: Kym Smith

It comes after The Australian learnt that an audit by the Australian Competition & Consumer Commission (ACCC), provided to the government, estimated that about one million households, or more than 10 per cent of all dwellings, were locked into the highest electricity rates, which were often up to 27 per cent more than the average cheaper plans.

Mr Turnbull dragged energy retailers to Canberra three weeks ago to justify price increases in July of up to 20 per cent.

During that meeting, retailers agreed to various reforms, ­including rules requiring them to report to the ACCC the number of households that remained on ­expired retail deals.

While Mr Turnbull said the retailers had responded “swiftly” to his demands, more measures were needed.

“That’s why I’ve called the ­energy retailers back to discuss further measures we can take to reduce the price of power for Australian households and families,’’ he said.

“I’m taking immediate action to reduce energy prices. It is not good enough that some customers cannot afford to turn their heating on in winter and their airconditioning on in summer.”

Read more at The Australian.