SEQ retail electricity market monitoring

SEQ retail electricity market monitoring

31 Jan 2019

Electricity MEDIA RELEASE

The Queensland Competition Authority (QCA) has released a report about the prices that electricity retailers in south east Queensland (SEQ) offered between 1 October and 31 December 2018.

QCA Chair Professor Flavio Menezes said the findings show that customers have a wide choice when it comes to electricity retail offers.

"Our analysis identified 20 retailers with residential electricity offers in the December quarter, and 18 with small business offers," Professor Menezes said.

For a typical household, standing offer bills ranged from $358 (Powershop) to $512 (QEnergy), and for a typical small business from $553 (Next Business Energy) to $777 (QEnergy).

For a typical household, market offer bills ranged from $295 (Click Energy) to $432 (Mojo Power), and for a typical small business from $480 (Powershop) to $622 (AGL).

"The QCA's analysis shows the benefits of shopping around in the SEQ market. Customers on standing offers can generally reduce their bills by switching to market offers. Even customers who are on a market offer already can save by switching to a cheaper offer. In the December quarter, residential customers who were on the highest market offer could have saved $138 (or 32 per cent) by switching to the lowest market offer, and small business customers $142 (or 23 per cent) by switching from the highest to the lowest market offer," Professor Menezes added.

Professor Menezes cautioned customers to pay close attention to the supply and usage charges that discounts are based on, when they compare discounts on various offers. He also advised customers to check the value of the incentives attached to market offers, and their terms and conditions, as the value of incentives may be forfeited if customers switch to another retailer.

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

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

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

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