ACCC to investigate energy suppliers as prices soar

The Consumer Watchdog has been ordered to investigate energy suppliers, as retail prices for electricity continue to soar.

It comes as the first of the Hazelwood generators are shut down, before the business closes on Friday.

The ACCC will have until the middle of next year to report back on retailer behaviour.

Energy Minister Josh Frydenberg believes there’s good reason to investigate.

‘The Grattan Institute recently undertook a very significant report which found that there were questions about the operation of the retail market.

‘Particularly the higher profit margins that you don’t see repeated in other retails sectors that you do see in the electricity sector,’ says Frydenberg.