Colin Boyce welcomes ACCC investigation into price gouging

Federal Member for Flynn Colin Boyce has welcomed the Australian Competition and Consumer Commission’s investigation into price gouging and anti-competitive conduct during the rolling national power crisis.

The Australian Competition and Consumer Commission investigation will examine energy companies’ profits and margins following soaring energy bills across the country.

Mr Boyce said the investigation is greatly needed as the Labor State Government is ripping off Queensland consumers.

“The Queensland Government owned corporations (GOCs) have been loaded up with debt by the Queensland Government,” Mr Boyce said.

“Many of the GOC energy companies do not pay commercial for coal (in some cases), only production costs.

“Some have long standing and current contracts to supply coal at well under commercial rate.

“The GOCs are used by the Queensland Government as a cash cow, forcing them to maintain high electricity prices to service their debt and therefore, providing substantial income for the Queensland Government.

“The Queensland Government should be providing affordable electricity rates to manufacturing, agricultural and consumer electricity bills, not ripping them off.”

The ACCC investigation will lead to a report being handed down to energy ministers next month and a series of regulatory reviews into the energy market.

“I am looking forward to seeing the findings handed down by the ACCC and actions being taken as Queensland consumers deserve better,” Mr Boyce said.

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