The AER has released a compliance bulletin on the commencement of participant reporting to the Gas Bulletin Board on 15 March 2023. The bulletin outlines all new reporting requirements for entities engaged in gas market activities under the National Gas Amendment (Market Transparency) Rule 2022.
In 2020, Energy Ministers agreed to provide the AER with new powers to monitor wholesale gas markets.
These laws give the AER new powers to monitor information related to price and volume in the shorter-term gas market, including how gas is exported overseas and how it is traded here in Australia.
This will provide greater transparency of gas export prices and provide insight into what value we are getting out of our gas wholesale market. This is particularly significant given recent scrutiny over gas wholesale prices, which make up about a third of household bills, and scrutiny over gas supply and its impact on market stability.
Depending on the breach and enforcement outcome, the maximum penalty under the new laws is:
- $10 million, or three times the benefit gained from the breach, or 10 per cent of annual turnover, or
- $1,435,000 (plus $71,800 per day for continuing breaches), or
- $67,800 per infringement notice.
The AER is on track to begin monitoring compliance with new reporting requirements under the Gas transparency measures reform from 15 March 2023.
For further information on the registration and reporting timelines, reporting requirements and AER’s compliance and enforcement approach.