The ERA undertook a review of the Gas Rate of Return Guidelines in 2018.
At present, the Rate of Return Guidelines are not binding. However, the Coalition of Australian Governments’ Energy Council is currently developing a framework for a binding rate of return instrument. The Commonwealth Government’s legislation to introduce the binding rate of return instrument introduces new consultation requirements for regulators.
The ERA commissioned an Independent Panel to prepare a report on its first rate of return instrument. The panel members have diverse backgrounds and areas of expertise including regulatory, economic, finance and consumer perspectives.
The ERA sought nominations from a range of stakeholders and assessed potential panel members through a selection process.
The Independent Panel reviewed the ERA’s Draft Rate of Return Guidelines and reported on whether they were supported by sound reasoning and capable of achieving the National Gas Objective.
The Independent Panel process gave the ERA the benefit of an independent review, and provided stakeholders with further confidence that our findings were robust.
The Independent panel members are:
- John Fallon – Chair
Dr Fallon is a senior economic advisor and founder of Economic Insights Pty Ltd. Economic Insights provides economic analysis and advice on regulation, competition policy, infrastructure and economic development issues. He has worked on a wide range of economic regulation, economic development and public policy matters. Past positions held include at the Queensland Competition Authority, Queensland Treasury, Industry Commission, Organisation for Economic Cooperation and Development and Reserve Bank of Australia. Other positions of note include Managing Director at Economic Insights and Vice President of CRA International Pty Ltd. Dr Fallon has developed and taught a master’s level course on Infrastructure Regulation Economics and Policy at the Crawford School of Economics and Public Policy at the Australian National University.
- Raymond da Silva Rosa
Dr da Silva Rosa is Professor of Finance at the University of Western Australia. He has expertise with teaching and researching finance and investment at universities around Australia. Dr da Silva Rosa currently heads the discipline of accounting and finance at the University of Western Australia. Dr da Silva Rosa has previously been the President and board member of the Accounting and Finance Association of Australian and New Zealand. He has also served as an expert witness in cases involving issues of market efficiency and provision of information.
- Julie Barrow
Ms Barrow is a consumer and financial hardship consultant. She is currently the Chair of the Financial and Consumer Rights Council Board. Ms Barrow holds a number of positions on consumer bodies including the Financial and Consumer Rights Council and Financial Counselling Australia (FCA). She was recently elected as FCA’s representative on the Australian Securities and Investment Commission’s Consumer Advisory Panel. She is also currently a practicing financial counsellor specialising in family violence and economic abuse.