Electricity retailers would have to regularly let customers know if they were paying the best price for their energy bills, under proposed changes.

ACT Energy Minister Shane Rattenbury has directed the Independent Competition and Regulatory Commission to develop a new industry code.

"The commission will develop an industry code that requires electricity retailers to provide customers with a 'reference bill'," he said.

"A reference bill provides a common point of comparison for assessing electricity offers, so that customers can make a more informed choice.

"Retailers will also have to actively notify customers of 'best offers', that is, they must regularly notify customers of whether they are on the best electricity offer and how much can be saved by switching to a different offer, taking account of the customers' circumstances."

The ACT Independent Competition and Regulatory Commission recommended the changes last year following an investigation into the territory's power prices.

Labor and Greens committed to implementing the recommendation by 2021 in the parliamentary and governing agreement.

"Many energy customers might be surprised to find they are signed up to a more expensive electricity plan and the retailer has never notified them that a different plan would actually be saving them money," Mr Rattenbury said.

"Electricity market contracts have become a bit like mobile phone contracts - there are multiple products they can be confusing and it can be difficult to tell which offer actually gives you the lowest home electricity costs."

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Mr Rattenbury said he expected electricity retailers would be required to start providing the reference bills and the notifications of best offers towards the end of the year.

The utilities act will have to be amended to make way for the changes.

How often retailers would be required to provide customers with the best offer and reference bill would be determined through consultation by the commission.

Electricity retailers could be fined up to $2.43 million for non-compliance.

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