Economic Regulation Authority (Western Australia)
The Economic Regulation Authority is a statutory authority in the Australian state of Western Australia where it acts as a competition regulator overseeing regulated markets. It oversees economic aspects of electricity, gas, water and rail industries and markets in W.A..[1]
Functions[edit]
The ERA has statutory functions under its establishing Act, the Economic Regulation Authority Act 2003 (WA).[2] These include inquiry, reporting, access regulation, licensing and other specified functions. [3]
In addition it has regulatory functions under:
- the Energy Coordination Act 1994;
- the National Gas Access (WA) Act 2009
- the Railways (Access) Act 1998; and
- the Water Services Act 2012 .[4]
Mandatory considerations[edit]
In exercising its functions, except in relation to gas access and rail access,[5] the ERA is obliged to consider specified factors, which broadly include promotion of competitive markets and prevention of abuse of market power in regulated industries. In more detail, the ERA must consider: (a)the need to promote regulatory outcomes that are in the public interest; (b)the long‑term interests of consumers in relation to the price, quality and reliability of goods and services provided in relevant markets; (c)the need to encourage investment in relevant markets; (d)the legitimate business interests of investors and service providers in relevant markets; (e)the need to promote competitive and fair market conduct; (f)the need to prevent abuse of monopoly or market power; (g)the need to promote transparent decision‑making processes that involve public consultation.[6]
References[edit]
- ↑ Economic Regulation Authority Act 2003 (WA), s.3 (regulated industry)
- ↑ Economic Regulation Authority Act 2003 (WA), Long title, s.25(a).
- ↑ Economic Regulation Authority Act 2003 (WA), Long title.
- ↑ Economic Regulation Authority Act 2003 (WA), s.25 (b)-(e).
- ↑ Economic Regulation Authority Act 2003 (WA), s.25(c),(d); s.26(1).
- ↑ Economic Regulation Authority Act 2003 (WA), s.26 (Functions)
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