Treasurer Jim Chalmers said it will take time for lower prices to filter through, but Intercast & Forge, trapped on high default prices, wants more action.
, which has been slugged with default tariffs of more than $39 a gigajoule from January 1.
“Because the cap only applies to new wholesale contracts from producers, and it only started less than a fortnight ago, the impacts won’t flow through immediately to lower average supply costs for retailers,” he told“Once lower costs start flowing through to retailers, the ACCC [Australian Competition and Consumer Commission] will be closely monitoring the market to ensure those savings are passed on to consumers.
But Mr McKellar said there were also questions around buyers who went ahead and locked into contracts last year at higher prices, suggesting those arrangements may need to be revisited.“One way or another, those that have locked in contracts at higher prices, they are going to be in a situation going forward, those that are going onto these default prices, clearly that presents a major question mark.
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