On 2 October 2015, the Utilities Commission (UC) published the final Compliance Framework and Reporting Guidelines for regulated electricity supply companies. These have been developed as part of a stronger approach to compliance, in line with practices nationally and in other Australian jurisdictions.
Publication follows public consultation on draft guidelines published in July 2015.
The Guidelines include:
- a requirement for annual compliance reporting;
- additional information on the reporting of material compliance breaches; and
- an annual declaration from the Board of Directors of each business as a vehicle for elevating the importance of compliance.
Compliance reporting will not extend to Independent Power Producers as the UC considers the existing annual licence return process is sufficient in providing an efficient regulatory framework.