2024 compliance review - retail performance reporting

Overview

In May 2024, the commission directed IPower Pty Limited & IPower 2 Pty Ltd (currently trading in partnership as ENGIE and previously trading as Simply Energy) to appoint an independent reviewer to conduct a compliance review (review) of its performance data. The review was initiated due to material errors within ENGIE's performance data submitted to the commission.

Scope of the review

The scope of the review will require ENGIE to demonstrate its retail performance data was submitted in accordance with Section 3 of the Compliance and Performance Reporting Guideline (CPRG) (version 8, 2023) for the period 1 July 2023 to 31 March 2024 inclusive.

Methodology of the review

ENGIE must appoint an independent reviewer to conduct an assurance engagement using the Australian Standard on Assurance Engagements (ASAE 3000) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information”.

Review findings

The independent reviewer found instances where ENGIE:

• did not submit data consistent with the requirements of the CPRG.
• was not able to provide sufficient or appropriate evidence that it followed the requirements of the CPRG.

Based on these findings the independent reviewer recommended:

• three areas of improvement to address the inconsistency and inaccuracy of ENGIE’s submitted performance data.
• four areas of improvement to enhance ENGIE’s processes and controls to prepare future performance data submissions.

More information can be found in the full report under the resources tab.

Next steps

ENGIE has agree to resolve all findings and to resubmit all performance data identified as inconsistent and inaccurate by 30 September 2024. 

We are receiving regularly updates from ENGIE as it implements these recommendations.