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Seven companies, including Wesfarmers Limited (ASX:WES), Westfield Group (ASX:WDC) and Rio Tinto Limited (ASX:RIO) have called for an overhaul of the nation’s electricity rules.
That’s according to the Australian Financial Review that reports it’s obtained a proposal submitted to the Australian Energy Market Commission.
According to the AFR, the big seven say the current electricity rules are flawed, allowing network companies to profit on the debt they raise and then pass it on to consumers in the form of higher prices. They say the rising network prices have been greater than necessary because of poor regulation.
Wesfarmers annual net profit rose to $1.9 billion in the year to June 30, 2011.
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