❓ Hon Paul Llewellyn questions the government about Verve Energy's financial losses and the progress of the Office of Energy's review of electricity prices, urging action on cost-reflective pricing. The Minister acknowledges the issue and states that action will depend on the results of the electricity retail market review.
AnsweredQoN 1047Legislative Council
QuestionView source ↗
VERVE ENERGY - FINANCIAL LOSSES
I refer to the financial plight of Verve Energy and recently reported losses of $52.3 million for 2006-07 with further losses predicted, and ask - (1) When did the Office of Energy’s review of electricity prices and tariffs commence? (2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE
I refer to the financial plight of Verve Energy and recently reported losses of $52.3 million for 2006-07 with further losses predicted, and ask - (1) When did the Office of Energy’s review of electricity prices and tariffs commence? (2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE
AnswerView source ↗
I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(1) When did the Office of Energy’s review of electricity prices and tariffs commence? (2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(1) When did the Office of Energy’s review of electricity prices and tariffs commence? (2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(2) How many full-time staff equivalents have been allocated to that task? (3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(3) Will the government take immediate action to implement cost-reflective pricing for electricity? (4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(4) If no to (3), when does the government intend to address the crisis in the electricity market created by non-cost-reflective pricing? (5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(5) How will the government manage losses incurred by Verve? Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
Hon KIM CHANCE replied: I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
I thank Hon Paul Llewellyn for providing some notice of the question. (1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(1) In June 2007. (2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(2) Three FTEs in addition to consultative resources. I note here that these FTEs are not working exclusively on the electricity retail market review. (3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(3)-(4) Government will consider the recommendations arising from the electricity market review when it is finalised. This is scheduled to be late February 2008. (5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
(5) The losses incurred by Verve Energy are reflective of the impacts of fixed retail tariffs in an environment of rising costs and will need to be addressed in this context. Potential action to manage losses by Verve Energy will depend on the results of the electricity retail market review.
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