AGL energy (AGK), Australias largest retail energy provider met the markets expectations with a 3.9% fall in Underlying Net Profit After Tax (NPAT) to $562m.
Late fees charged by electricity companies grossly exaggerated ... ACA Lawyers principal Steven Lewis. Source: News Corp Australia
EXCLUSIVE: Energy companies are likely to be next to face a class action to claw back as much as $100 million in unfair late fees.
News Corp Australia can reveal the law firm taking on Telstra over overdue charges soon plans to test consumer "appetite" for action against gas and electricity retailers such as AGL, EnergyAustralia, Origin and others.
CLASS ACTION: Telco customers "ripped off" on law fees
LATE BILL PAYERS: Telstra in crackdown
It was possible energy companies had reaped more than $100 million in late fees in recent years, said ACA Lawyers principal Steven Lewis.
Utilities charge customers who don't pay on time as much as $14, Mr Lewis said. The exception was in Victoria, where late fees have been banned for a decade.
That doesn't mean energy company in the territories and other states and free to charge whatever they want.
"If you wish to charge a late payment fee, you are entitled to," Mr Lewis said. "But the amount must be related back to real costs caused by that late payment."
Banks were the first to feel the heat over late fees. ANZ lost a court case earlier this year in which it emerged fees of as much as $35 for late payments on credit cards actually cost it as little as 50c.
Then earlier this week ACA opened up a new front in the late fee war by beginning action against Telstra.
Telstra charges a late fee of $15 on any bill over $70.
ACA will argue Telstra represents an unlawful penalty because it does not reflect the actual loss to the company caused by the late payment.
Telstra collected $272 million for "late fees and other miscellaneous fees" in the 2013-14 financial year and the firm received more than 1000 registrations yesterday morning.
It may pursue Telstra's rivals, Optus and Vodafone.
And it's not stopping there.
"We want to test the appetite of consumers" for taking on gas and electricity retailers," Mr Lewis said. "If the appetite is there, we intend to turn our attention to the utilities, except in Victoria."
Mr Lewis views the Victorian ban as significant because it points to the unfairness of the fees.
He said: "If Victoria can do it, why can't the rest of Australia do it?"
Choice spokesman Tom Godfrey said: "It's not the role of business to punish customers. We welcome these class actions."
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