The Electricity Generation and Retail Corporation (EGRC) regulatory scheme was put in place to manage the merger of Verve Energy and Synergy, which became the Electricity Generation and Retail Corporation, trading as Synergy, on 1 January 2014.The regulatory scheme includes requirements for ring-fencing, business segregation, transfer pricing, non-discriminatory wholesale electricity trading and the provision of standard products.
Since inception, the ERA has reviewed the operation of the EGRC regulatory scheme every year and prepared a report for the Minister for Energy that assessed the effectiveness of the scheme and made recommendations for improvement.
Following publication of the fourth EGRC regulatory scheme review, the State Government changed the timeframe of the review from annually to every two years.