Why we work on developing the electricity market
Market development is key to achieving our statutory objective to promote competition in, reliable supply by and the efficient operation of the electricity industry for the long-term benefit of consumers.
Our approach to improving the performance of the electricity market hinges on creating the right conditions for innovation and efficiency rather than stipulating particular outcomes. This means there’s no point where we can say ‘the job is done’ because it’s about continual improvement or development of the market for the net benefit of consumers.
How we develop the electricity market
Our EMI website - short for electricity market information - has a wide range of information and data, for example, retailer market share, monthly switching reports and wholesale final pricing and much more.
We work to develop the electricity market in a way that is consultative, strategically focused, principles-based and transparent.
We develop the market in ongoing consultation with consumers, industry participants and other stakeholders. The results are efficient, robust, enduring solutions that the industry can implement.
Our focus on the long-term benefit of consumers and the fact that market development initiatives can take several years to deliver the expected benefits means that we take a long-term view to our work.
We use principles to create certainty around developing the market and the Code and to help parties make investment decisions.
- wherever feasible, we estimate costs and benefits to assess Code amendment proposals
- we favour greater competition, give weight to dynamic efficiency gains and favour market solutions, flexibility to allow innovation and non-prescriptive solutions.
We seek to be highly transparent in our work - we do this by explaining our plans and how we work.
We also seek to make the electricity sector transparent - for example, we collect and make freely available a wide range of data to assist with making the sector more competitive. A lot of this data is on the EMI website.
We also investigate and report on unusual events, which could lead to compliance action or identification of recommendations for market development work.