ACCC puts energy firms on notice

The consumer watchdog has put 250 energy companies on notice to estimate to their customers how much the removal of the carbon tax will affect prices.

The Australian Competition and Consumer Commission (ACCC) issued the carbon tax removal substantiation notices this week as part of the repeal of the impost in July.

The notices have been issued to businesses that retail electricity and natural gas, produce electricity or bulk import synthetic greenhouse gases.

These businesses are required to respond to the notice within 21 days to explain how the repeal will affect their prices, unless they seek an extension.

They also have to provide the ACCC with a substantiation statement by August 18 and publish it on their website until June 30, 2015.

Businesses that do not respond to the ACCC's notice could face a penalty of up to $34,000 for not responding, and up to $85,000 if the statement is not published.