St Vincent de Paul’s New South Wales Energy Prices July 2015 report found ‘customers switching from the worst electricity standing offer to the best market offer can save up to $550 to $1,050 per annum’.
“The NSW Government’s removal of retail price regulation from the electricity market is delivering real savings for customers,” Mr Roberts said.
“Our Network Reform Program is also delivering $5.8 billion in savings that are being passed onto customers in the form of lower bills.”
The report analysed prices from July 2014 to July 2015 and found:
- The average electricity retail standing offer is now $190 to $400 less per annum;
- Average market offers have dropped by between $220 and $380 per annum; and
- The price difference between the worst and best market offer is now between $590 and $1,060 depending on a customer’s network area.
It follows last month’s draft report by the Independent Pricing and Regulatory Tribunal (IPART) that found the NSW Government’s reforms to boost competition in the retail market have encouraged four new retailers to enter the market, with residential customers saving on average between $290 and $390 a year by switching to competitive market offers.
St Vincent de Paul’s report also found the average gas customer in Jemena’s network area could potentially save $120 on their annual bill by switching from the regulated offer to the best market offer.
Additionally, the report stated that the annual energy cost for dual fuel households with typical consumption levels has decreased by $190 to $575.
To ensure you’re on the best deal, visit the Australian Energy Regulator’s free and independent price comparison website – www.energymadeeasy.gov.au