The Queensland Competition Authority (QCA) has today released its first market monitoring report for the retail electricity market in south east Queensland.
QCA Chair Professor Roy Green said the authority had produced the report under a direction from the Minister for Energy, Biofuels and Water Supply, Mark Bailey.
“This report shows that there was a wide variety of offers in the market for customers to choose from,” Professor Green said.
“The report highlights that some customers could save money by switching to a better market offer. While some offers advertise large discounts, the largest discount does not always result in the lowest overall bill.
“Before switching, customers should consider their electricity usage, fees and charges, incentives and whether they can meet the conditions for discounts, such as paying on time or paying online.
“The report found that customers looking to lower their electricity bills should compare offers regularly. No single offer stayed the cheapest offer throughout 2016–17. No retailer was consistently the cheapest.
“The report also reveals that most customers on hardship programs or receiving an electricity rebate in 2016–17 were on a market offer. Further, retailer data indicates that these customers faced electricity prices consistent with those generally available.
“It is important to note that QCA’s report covers the 2016–17 financial year, and that customers should always consider the most up-to-date information from the market when choosing an offer."
The Australian Energy Regulator provides a free, online electricity price-comparison service [at www.energymadeeasy.gov.au].
The QCA’s 2016–17 south east Queensland market monitoring report and accompanying documents are available online [at www.qca.org.au/Electricity/Consumer/Market-Monitoring].