The Australian Energy Regulator has released its final Benefit Change Notice Guidelines and accompanying Notice of Final Instrument today.
In developing the Guidelines, we consulted widely with stakeholders through a February 2018 Issues Paper, Draft Guidelines released in April 2018 and behavioural insights research conducted by the Behavioural Insights Team.
Retailers are required to notify a customer when a benefit provided through their market retail contract, such as a price discount, is expiring or changing. We consider a benefit change notice an important tool to encourage customer engagement with the energy market.
The Guidelines contain requirements that retailers must comply with when sending a benefit change notice to a customer. They:
- explain what benefit changes do and do not require the provision of a notice
- specify the information that must be provided in the notice
- specify how the information should be presented
- specify how dollar figures in the notice are to be calculated.
Retailers will need to comply with the Guidelines from 1 October 2018.