The Queensland Competition Authority’s latest report on south-east Queensland’s (SEQ) retail electricity market has found that electricity retailers continued to compete for customers in 2023–24, but some customers were not engaged with the market and therefore were not benefitting from competition.
QCA Chair Professor Flavio Menezes said that retailers continued to compete on price in 2023–24. Compared to the year before, more retailers attached discounts and/or incentives to their plans.
Professor Menezes said that customers who remained active and engaged with the market were best placed to find the most competitive offer for their circumstances. Despite the increase in average prices, a few retailers had offers in the June quarter of 2024 that were cheaper for the typical SEQ customer than their cheapest offer a year earlier.
“More retailers had market offers available in 2023–24 than the year before — these are generally the better-priced offers that retailers use to compete. Prices vary substantially between retailers, and often even between different plans offered by the same retailer. It is very important to shop around and compare different plans in order to benefit from competition in the market.
“This year, we also investigated the issue of customers on legacy market offers — that is, customers who have not switched plans recently. We found that many retailers had customers on legacy market offers that were more expensive than the default market offer set by the Australian Energy Regulator (AER). Some of these offers may be attractive to customers (for example due to a high feed-in tariff); however, many customers could lower their electricity bills by switching to one of the new offers available.”
“We encourage customers to regularly check the ‘better offer’ message on their bill to see if their retailer could offer them a better deal. In addition, we advise all customers to use the Australian Government’s Energy Made Easy website to compare the plans that are currently available from all retailers — it is a free and simple way to find a better deal,” Professor Menezes said.
Customers who require help using the Energy Made Easy website can call the AER Infoline on 1300 585 165. If a customer is experiencing difficulties paying their electricity bill, they should contact their retailer to discuss their situation, as assistance is available.
The SEQ market monitoring report for 2023–24 is available on the QCA website.
In regional Queensland, most customers do not have competing retailers to choose from. The QCA therefore sets electricity prices, as directed by the Queensland Government. More detail on the prices in regional Queensland is available on the QCA website.
Media enquiries: Cole Lawson Communications, 07 3221 2220.
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