SEQ retail electricity market monitoring 2017/18

SEQ retail electricity market monitoring 2017/18

30 Nov 2018

Electricity MEDIA RELEASE

The Queensland Competition Authority (QCA) has released a report after monitoring the prices that electricity retailers in south east Queensland (SEQ) charged between 1 July 2017 and 30 June 2018.

QCA Chair Professor Flavio Menezes said the findings in this report show that customers in SEQ have a wide choice when it comes to electricity retail offers for the most common tariffs and tariff combinations.

"Our analysis revealed that the number of retailers increased over the course of 2017–18 for each of the five tariffs and tariff combinations included in the report, and the number of available market offers also increased. Most retailers also published new offers during 2017–18 that were cheaper—for a typical SEQ customer—than their previously cheapest offer in the June quarter of 2017," Professor Menezes said.

He noted that intense rivalry between a number of retailers, and better deals for customers, followed Alinta Energy's entry in to the SEQ market in August 2017.

"The QCA's analysis also shows that many retailers attached some form of discounts to their offers in 2017–18. The range of discounts and benefits increased, compared to 2016–17, and most retailers attached GreenPower options to their offers too. Overall, retailer discounts, benefits and incentives can lead to significant savings for customers," Professor Menezes added.

However, he cautioned that the complexity of discounting can still make it difficult for customers to find the best offer, and customers need to be careful to select an offer for which they can meet the terms and conditions.

Electricity customers can compare electricity prices on the AER's Energy Made Easy website, at www.energymadeeasy.gov.au.

The annual report is available on the QCA's website, at http://www.qca.org.au/.

The QCA monitors the electricity retail market and publishes quarterly and annual reports, as directed by the Queensland Government.

Media enquiries: Cole Lawson Communications, 07 3221 2220 or 0411 135 005.