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Open banking model expands to lower consumer energy bills
The Consumer Data Right, originally designed to enable open banking, will soon provide consumers more power to compare and switch energy providers too, according to the government.
Open banking model expands to lower consumer energy bills
The Consumer Data Right, originally designed to enable open banking, will soon provide consumers more power to compare and switch energy providers too, according to the government.
A statement from Treasurer Josh Frydenberg said the Consumer Data Right provides consumers with greater access to their personal information and will provide them with the power to instruct businesses to provide safe and secure access of their data to trusted third parties.
“Extending the Consumer Data Right to energy builds upon the progress already made applying it to the banking sector, through what is known as open banking,” he said.
It was reported that 30 per cent of electricity consumers do not switch due to the effort required, while 22 per cent don’t change to a better deal due to a lack of information.
A consumer would be around $1,000 better off by switching from the worst to the best electricity plan in both NSW and South Australia, Mr Frydenberg highlighted.
According to ACCC commissioner Sarah Court, “Sharing information such as a household’s current energy deal and consumption pattern with other energy service providers will enable a consumer to find the best deal for them.”
“This will enhance transparency and put consumers into the driving seat when it comes to comparing confusing deals, so they can find new and innovative offers that best suit them,” she continued.
The Consumer Data Right for energy will initially apply to the national electricity market. At this point in time, it will not be available in Western Australia and the Northern Territory.
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