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The Commission's general regulatory powers are set out in the Essential Services Commission Act 2001 and are applied to the Victorian electricity industry by the Electricity Industry Act 2000. This Act sets out the Commission's powers in respect to licensing and price and service regulation. The Commission's primary objective under the Essential Services Commission Act 2001 is to protect the long term interests of Victorian consumers with regard to the price, quality and reliability of essential services. In seeking to achieve its primary objective, the Commission must have regard to the following objectives: to facilitate efficiency in regulated industries and provide the incentive for efficient long term investment to facilitate the financial viability of regulated industries to prevent the misuse of monopoly or nontransitory market power to facilitate effective competition and to promote competitive market conduct to ensure that regulatory decision making observes the relevant health, safety, environmental and social legislation applying to the regulated industry to ensure that users and consumers (including low income or vulnerable customers) benefit from the gains from competition and efficiency to promote consistency in regulation between States and on a national basis. The Commission also has objectives under the Electricity Industry Act 2000: to the extent that it is efficient and practicable to do so, to promote a consistent regulatory approach between the electricity industry and the gas industry to promote the development of full retail competition. The Commission also has regulatory responsibilities prescribed by the National Electricity (Victoria) Act 1997 and the National Electricity Code, which establish the National Electricity Market in Victoria. The Commission has power to issue licences, codes and guidelines and make price determinations that regulate access to natural monopoly services. Electricity companies must also comply with the National Electricity Code. Each licensee is required to comply with all applicable laws, which includes the Trade Practices Act 1974, the Fair Trading Act 1999 and the future industry provisions of the Corporations Law.
The Commission's general regulatory powers are set out in the Essential Services Commission Act 2001 and are applied to the Victorian electricity industry by the Electricity Industry Act 2000. This Act sets out the Commission's powers in respect to licensing and price and service regulation.
The Commission's primary objective under the Essential Services Commission Act 2001 is to protect the long term interests of Victorian consumers with regard to the price, quality and reliability of essential services. In seeking to achieve its primary objective, the Commission must have regard to the following objectives:
The Commission also has objectives under the Electricity Industry Act 2000:
The Commission also has regulatory responsibilities prescribed by the National Electricity (Victoria) Act 1997 and the National Electricity Code, which establish the National Electricity Market in Victoria.
The Commission has power to issue licences, codes and guidelines and make price determinations that regulate access to natural monopoly services. Electricity companies must also comply with the National Electricity Code.
Each licensee is required to comply with all applicable laws, which includes the Trade Practices Act 1974, the Fair Trading Act 1999 and the future industry provisions of the Corporations Law.
