Energy consumers’ power bills – state of the market annual report
Retail energy competition review 2019 embargoed until 12.01am Friday 28 June: on a seek no response basis
Bill reductions and simpler, cheaper deals are on offer for energy consumers as market changes - toplines
· AEMC has found that average household consumers can save up to $760 a year on their power bills due to stronger competition in the market.
· Biggest savings were in South Australia where customers can save up to $760 a year, in NSW there were savings of up to $584; in Victoria $649; and in SE Qld $487 (see summary of findings for each jurisdiction at link below).
· A year ago, we reported a significant decline in consumer confidence in energy retailers. We called on retailers to address consumer concerns and take immediate action to win back confidence lost through dodgy discounts, and confusing and inconsistent pricing.
· This year’s report shows signs of change.
· Consumers are using competition and new technology to get simpler and usually cheaper energy plans and access more innovative products.
· The wall of customer inertia is finally starting to be breached with one in three customers now having taken their business away from the big 3 retailers.
· It is pleasing to see retailers are now moving towards simpler, more stable priced deals and away from dodgy discounts and confusing offers that misled their customers.
Link to embargoed report, survey and media releases:
In the link find:
- Retail energy competition report 2019
- Colmar Brunton small business survey
- Jurisdiction findings pull together
- Media release 1 - national overview
- Media release 2 - energy innovation as solar and batteries approach socket parity
- Media release 3 - greater support needed for vulnerable energy consumers
- Media release 4 - consumer regulation to respond to rapid technology change
For more info contact: Prudence Anderson Communication Director
Australian Energy Market Commission
T +61 2 8296 7800 | DL +61 2 8296 7817 | MOB 0404 821 935