Energy sector next to be activated under CDR

The government has released exposure draft legislation that will expand the Consumer Data Right (CDR) to the energy sector.

Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, said, “This will enhance transparency and put consumers in the driving seat when it comes to comparing energy offers so they can find the best offer that suits their needs.”

Enabling consumers access to share their energy consumption patterns will also encourage greater competition, Hume said.

Expanding the CDR to the energy sector will build on significant progress already made in banking. The CDR, via Open Banking, is now available to customers of major and non-major banks.

As more sectors are activated under the CDR, the range of innovative services offered by accredited data recipients will increase. This will make it possible for consumers to get the value of economy-wide data-sharing within a secure system that places them squarely in control.

The proposed changes to the CDR Rules will see energy consumers start to benefit from secure and easy data-sharing by the end of 2022.

The draft changes can be accessed on the Treasury website.

Image credit: ©stock.adobe.com/au/Phuchit Aunmuang