In developing the 2026 Rate of Return Instrument (RORI), the AER is informed by a number of reference groups and panels established for the purposes of the 2026 RORI review.

National energy laws set out the regulatory framework for conducting Rate of Return Instrument (RORI) reviews every four years. Before publishing a draft RORI, a Consumer Reference Group (CRG) must be established to help the AER implement an effective consumer consultation process for the making of the RORI.

The CRG may carry out its activities, including giving advice or recommendations to the AER about the RORI, in the way it considers appropriate. This may include consultation with consumers of electricity and gas, facilitating consumer engagement and making written submissions to the AER about its position on the RORI and the processes undertaken to reach that position. The AER will publish any written advice, recommendations or submissions given to it by the CRG.

The AER has appointed the following persons to the CRG for its 2026 RORI review:

• Kieran Donoghue (Chair)
• Ron Ben-David

Energy Consumers Australia is also represented on the CRG.

Please email RateOfReturnaer [dot] gov [dot] au (RateOfReturn[at]aer[dot]gov[dot]au) if have any questions regarding the CRG.

National energy laws set out the regulatory framework for conducting Rate of Return Instrument (RORI) reviews every four years. Before publishing a draft RORI, the AER must seek concurrent expert opinions or evidence about the proposed RORI. To this end, the AER published a report on 24 November 2025 that had been prepared by the Eligible Experts. 

Eligible Experts are persons with qualifications or experience in a field the AER considers relevant to make a RORI, such as finance, economics, law, consumer affairs and institutional investment.

The AER appointed the following persons to the panel of Eligible Experts for its 2026 RORI review:

• David Johnstone
• Dinesh Kumareswaran
• Graham Partington

The Eligible Experts completed their work on the 2026 RORI review in December 2025 and have since been disbanded.

National energy laws set out the regulatory framework for conducting Rate of Return Instrument (RORI) reviews every four years. Under energy laws, the AER must, as soon as practicable after publishing the draft RORI (which we published on 29 May 2026), establish an Independent Panel to give the AER a written report about the draft RORI. The AER must publish the Independent Panel’s written report on its website.

The Independent Panel must consist of at least three members, appointed by the AER, who have the qualifications or experience in a field the AER considers relevant to making a RORI, such as: finance; economics; law; consumer affairs; and institutional investment.

The AER has appointed the following persons to the Independent Panel for its 2026 RORI review:

• Pat Duignan (Chair)
• Rob Francis
• Geoff Frankish
• Tony Smith

Please email RateOfReturnaer [dot] gov [dot] au (RateOfReturn[at]aer[dot]gov[dot]au) if you have any questions regarding the Independent Panel.