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Businesses given more data access to lower energy costs

Adrian Flores
Adrian Flores
01 July 2020 1 minute readShare
lower energy costs

The government has formally applied the Consumer Data Right regime to the energy sector as part of efforts to allow businesses to more easily compare electricity plans and providers.

Under a legislative instrument, the government will bring the energy sector into the Consumer Data Right regime, enabling rules and technical standards to be made to govern how the right will operate in relation to energy data.

The move follows a public consultation on the proposal in August and September last year, of which it received 18 submissions.

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The Consumer Data Right is currently applied to the banking sector under the concept of Open Banking.

What data sets will be provided to businesses?

 

On 9 January, Treasurer Josh Frydenberg agreed in-principle to the coverage of data sets and data holders for energy.

According to the Treasury website, the agreed data sets will provide consumers with details on their National Electricity Market electricity connections (including solar generation or battery storage), energy consumption, charging and billing history, and available products, of which priority data sets include:

  • National Metering Identifier standing data fields – all NMI standing fields (includes information about the meter type, location and network tariffs).
  • Customer-provided data – information about the customer to whom electricity has been, or is being, supplied (or their associate), such as name, entity type and contact details.
  • Billing data – accounting records in relation to an account, including records of bills issued and payment received, payment arrangements, hardship and concessional arrangements.
  • Generic tariff data – all tariff data not relating to an identifiable person, including eligibility requirements for hardship and concession discounts linked to the product.
  • Tailored tariff data – all product data relating to an identifiable person, including eligibility requirement for hardship and concession discounts linked to the product.
  • Distributed Energy Resource data – including details on batteries and panel installations.
  • Metering data – electricity usage data from Type 4-6 meters.

Mr Frydenberg said the Consumer Data Right will help improve outcomes for Australian households and businesses.

“Applying the Consumer Data Right to the energy sector will allow consumers and businesses to more easily compare and switch between electricity plans and providers, encouraging more competition, lower prices and more innovative products and services,” Mr Frydenberg said.

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“The improved competition and data-driven innovation from the new system will also help create new jobs and ultimately boost the economy.

“Better access to data for energy users will help make businesses more efficient, with savings flowing through to consumers and small businesses.”

Mr Frydenberg said the Australian Competition and Consumer Commission (ACCC) will shortly begin consultations on proposed rules for the sector.

Businesses given more data access to lower energy costs
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected]momentummedia.com.au.

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