The liberalisation of the retail electricity market is intended to give eligible consumers more options to manage their energy cost. While retail market liberalisation does not necessarily mean that prices will come down, competition among the retailers will encourage competitive pricing and product innovation for the benefit of consumers.
As market prices for electricity depend on the supply and demand situation, there will be up cycles and down cycles. The price of electricity to different consumers may also differ depending on their individual consumption needs. For instance, some consumers may be prepared to pay a premium for a firm electricity price i.e. fixed price retail contracts versus fuel price indexed retail contracts.
The Energy Market Authority (EMA) does not price-regulate the retailers. The “Code of Conduct for Retail Electricity Licensees” sets out the minimum standards of performance that all retailers must comply with.