Piper Alderman is representing all businesses and residents that purchased electricity out of the Queensland region of the National Electricity Market from 20 January 2015 – 20 January 2021 in a proposed class action against the State’s two largest electricity generators, Stanwell Corporation and CS Energy.
The claim alleges that Stanwell and CS Energy engaged in “bidding games” or trading strategies during the relevant period which artificially created scarcity of supply and spiked energy prices to the detriment of group members. This conduct is alleged to have been in contravention of section 46 of the Competition and Consumer Act 2010 (Cth).
Stanwell and CS Energy control around 70% of the electricity dispatched through the Queensland region of the NEM. Allegations of market abuse by Stanwell Corporation and CS Energy to manipulate the price of electricity have been investigated by the Queensland Productivity Commission, the Australian Energy Market Commission, the Australian Energy Regulator, the Australian Competition and Consumer Commission (ACCC) and the Grattan Institute.
Greg Whyte, head of Piper Alderman’s litigation team in Brisbane said:
“This case is about abuse of market power. Stanwell and CS Energy have used their position to unlawfully manipulate the wholesale cost of electricity and that has driven up the prices paid by all Queensland businesses and consumers. It’s had a devastating effect on the Queensland economy. We are trying to stop that behaviour and recoup the losses that illegal conduct has caused. For businesses. For Queenslanders.”
The litigation is fully funded with all costs underwritten by LCM, an Australian litigation funder. Consumers who purchased electricity in Queensland at any time between 20 January 2015 – 20 January 2021 are invited to visit www.QLDEnergyClassAction.com.au to obtain more information and register their interest in participating in the action.
For further information visit: www.QLDEnergyClassAction.com.au or call us on 07 3234 2301.