$100 Electricity Asset Dividend and Embedded Networks
Tuesday May 8th, 2018
The Minister for Natural Resources, Mines and Energy has recently announced that your $50 p.a. electricity asset dividend over 2 years is on its way. The full media statement can be read HERE and a fact sheet is also available HERE.
If you receive your electricity bill direct from a retailer, you will receive your first $50 rebate from 30 April 2018. There’s no need to apply—the rebate will be automatically applied to your electricity account from 30 April 2018, and will appear on your next electricity bill. Actual payment dates will vary, depending on your individual electricity billing cycle.
If you don’t receive your rebate by July 2018, contact your electricity provider. The next Dividend credit will be provided in 2019 and the Government has advised that they will promote the details of the 2019 credit closer to the date.
If you live in a Body Corporate that operates an embedded network which is when the electricity is purchased in bulk and then billed by the Body Corporate – usually via a billing agent to the occupants, read on.
Bodies Corporate that operate embedded networks need to apply to the bulk supply retailer on behalf of all customers, identifying the total number of units within the embedded network entitled to the rebate. Your retailer is then required to provide the Body Corporate with a bulk credit (i.e. $50 x number of units) on your bulk bill for the period that includes 30 April 2018. The Body Corporate via its billing agent must then pass on the $50 credit to the customers on their next bill.
Please note, failure to pass on the credit is a breach of embedded network retail exemption conditions with the Australian Energy Regulator. You can view your retail exemption applicable to embedded networks in the public register found HERE.
Next Step for Committees with Embedded Networks
If your billing agents has not already notified you that they have applied for the bulk credit on behalf of the Body Corporate, make contact and request that they do so immediately! Contact and confirmation of the application is imperative to avoid any delays or possible complaints from customers entitled to the credit.
If you need to find out more about embedded networks and how they are operated in compliance with the governing regulations, please contact ARC Utilities Management – we are here to help.
This article was contribute by Adam Ford – General Manager, ARC Utilities Management.