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$100 Electricity Asset Dividend – Part 2

$100 Electricity Asset Dividend – Part 2

In April 2018 The Minister for Natural Resources, Mines and Energy announced each household will receive $100 electricity asset dividend. This dividend is to be paid by two $50 instalments over a 2 year period, with the second instalment to commence in April 2019. The prior update we released can be read HERE and the latest update from the Government can be read HERE .

As a recap, if you receive your electricity bill direct from a retailer, you will receive your second $50 rebate from 30 April 2019. There’s no need to apply—the rebate will be automatically applied to your electricity account from 30 April 2019, and will appear on your next electricity bill. Actual payment dates will vary, depending on your individual electricity billing cycle.

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 re-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 using the prescribed form. Your retailer is then required to provide the Body Corporate with a final bulk credit (i.e. $50 x number of units) on your bulk bill for the period that includes 30 April 2019. The Body Corporate via its billing agent must then pass on the final $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.

 

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  1. Avatar
    Harry Roberts - [Secretary] Salvatore Court Body Corporate CMS 9000. 51 Jellicoe Street Coorparoo QLD 4151

    Does this dividend apply to our B/C Electricity account

    1. Adam Ford
      Adam Ford

      Good Afternoon Harry,

      Thanks for your comment, I have sent you an email with additional details. In short if your property is an embedded network than you will need to submit a form 511 to claim the Asset Ownership Dividend for each occupier in your property, if your property is not an embedded network than the amount will automatically be applied to your account by your retailer.