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M2 Energy Pty Ltd, trading as Dodo Power & Gas, admitted breaching the code after the Australian Competition and Consumer Commission issued it with six infringement notices.
Dodo said there were two energy plans in the 2022-23 financial year with prices that were higher than price caps or default market offers set by independent regulators.
It also sent price change notices in 2023 that did not include the required information and “did not make a record of how it calculated certain matters relating to the prices offered as required by the code”, the ACCC said.
It is the first time the ACCC has taken action against an energy retailer for breaching price caps.
“The price cap is the maximum allowable price for standing offers and serves an important protection function for customers with standing offers. It also acts as a common reference price against which bids can be compared,” ACCC Commissioner Lisa Carver said.
“The Electricity Retail Code requires retailers to issue comprehensive price details to consumers, enabling them to compare electricity plans.
“This information not only allows consumers to make well-informed choices that best meet their individual needs, but is also critical when deciding whether to switch providers for a more affordable plan.”
“This is particularly important given the current economic climate, where households continue to face cost-of-living pressures.”
This isn’t the first time the Dodo has run afoul of the authorities.
In 2020, it was fined $20,000 by the Australian Energy Regulator for failing to appoint a metering coordinator in a timely manner.
A year earlier, three infringement notices were issued by the ACCC over misleading claims about energy price rebates, resulting in $37,800 in fines.
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