SEQ retail electricity market monitoring

SEQ retail electricity market monitoring

31 Jul 2019

Electricity MEDIA RELEASE

The Queensland Competition Authority (QCA) released a report about the prices that electricity retailers in south east Queensland (SEQ) offered between 1 April and 30 June 2019.

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 24 retailers with residential electricity offers and 18 retailers with small business offers in the June quarter," Professor Menezes said.

For a typical household, standing offer bills ranged from $354 (Powershop) to $506 (QEnergy), and for a typical small business from $547 (Next Business Energy) to $768 (QEnergy), based on the offers available in this quarter.

Also for a typical household, market offer bills ranged from $279 (Click Energy) to $428 (Mojo Power), and for a typical small business from $472 (Red Energy) to $616 (AGL), based on the offers available in this quarter.

"Although electricity prices remained relatively stable in the June quarter, 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. By switching from the highest to the lowest market offer, residential customers could have saved $149 (35%), and small business customers could have saved $144 (23%) in the June quarter," 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 not only the value of the incentives attached to market offers, but also the eligibility criteria and terms and conditions of incentives. The value of incentives may be forfeited if customers switch to another retailer, or incentives may only be available to new customers.

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

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

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

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

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