10Caps on standing offer prices

10 Caps on standing offer prices

(1) This section applies in relation to an electricity retailer’s standing offer prices on a day in a financial year for supplying electricity in a distribution region to a small customer of a particular type if: (a) a model annual usage; and (b) a reference price; are in force for the year in relation to the supply.

Note: For distribution regions to which this instrument does not apply in relation to a financial year, see section 8.

(2) The electricity retailer must ensure that the standing offer prices comply with the price cap on that day.

Civil penalty: 300 penalty units.

(3) The standing offer prices comply with the price cap if the total amount a representative customer, who was a small customer of that type, would be charged for the supply of electricity in the region in the year at the standing offer prices would not exceed the reference price. Record keeping (4) The electricity retailer must: (a) make a record demonstrating how the retailer calculated the total amount mentioned in subsection (3) in relation to the standing offer prices; and (b) keep the record for 6 years from the end of the financial year mentioned in subsection (1).

Civil penalty: 300 penalty units.