The latest independent review of the competitive retail market reinforces that electricity customers on market deals are enjoying significant savings compared to those on default offers.
New data shows that consumers are reaping the benefits of retailers’ efforts to keep prices down and pass on cost savings.
The ACCC's September 2020 report as part of its inquiry into the prices, profits and margins in the supply of electricity in the National Electricity Market (NEM) shows prices fell between 2018 and 2019.
Australian Energy Council Chief Executive Sarah McNamara says the ACCC data shows customers who have switched to market offers are saving 17 per cent on average.
“The ACCC makes it clear that people who have contacted their retailer about their plans are on better deals. It pays to shop around and we encourage all consumers to speak to their retailers to make sure they are getting the best value.
“Our members will continue to pass on costs savings to customers.
“The ACCC endorsed efforts by retailers to co-ordinate customer relief programs and the AEC has been working with retailers to communicate support measures for customers impacted by COVID-19,” said Ms McNamara.
“We have an ongoing campaign, 'Helping You Stay On Track', which encourages people to contact their retailer if they are experiencing financial hardship.”
About the Australian Energy Council
The Council represents 21 major electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia, sell gas and electricity to over 10 million homes and businesses, and are major investors in renewable energy generation.
The Australian Energy Council welcomes the release of the Energy Security Board's advice to Energy Ministers, and in particular its call for coordination and a common approach by jurisdictions but notes there is still much work to be done on the detail.
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