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Power retailer Synergy found to have price-gouged customers | The New Daily

Electricity producer Synergy overcharged industrial customers for the price of energy in the wholesale market by up to $100 million, in a move which may have also pushed up prices for households, an investigation by Western Australia’s independent economic regulator has found.

The Economic Regulation Authority (ERA) said Synergy had breached market rules requiring it to sell electricity for about the same amount it cost to produce.

It will now bring proceedings against the company before the Electricity Review Board in “the interests of Western Australian consumers”.

The ERA examined 14,812 trading intervals by Synergy between March 2016 and July 2017, and concluded its price gouging over those 15 months increased its revenue by between $40 million and $102 million above what it would have otherwise received.

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Power retailer Synergy found to have price-gouged customers.