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Helping households find better energy deals

Published: Thursday, 14 June 2018

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THE HON JOSH FRYDENBERG MP
Minister for the Environment and Energy

MEDIA RELEASE

14 June 2018

HELPING HOUSEHOLDS FIND BETTER ENERGY DEALS

The Turnbull Government has followed up on its agreement with the energy retailers from last year and asked the Australian Energy Market Commission (AEMC) to make a new rule forcing energy retailers to tell households when they are on an expensive standing offer.

The new rule will require retailers to contact those customers who have been on a standing offer for more than 12 months and encourage them to consider better alternatives available on the Australian Government’s energy prices comparison service – Energy Made Easy (www.energymadeeasy.gov.au).

Standing offers tend to be the most expensive offers in the market. The AEMC has found the difference between the average standing offer and the best market offer is between $170 and $507 per year. This new rule will help households get a better deal.

Even in South Australia, the state with the lowest proportion of standing offer customers, more than one in 10 customers are signed up to these deals and are paying up to $800 more than necessary.

Last year, the Prime Minister sought commitments from retailers to write to around 1.6 million households to tell them better deals are available. As a result, there are now around 260,000 fewer customers on poor deals.

This rule will build on the benefits already seen through the Prime Minister’s efforts and complements other actions taken by the Government to improve outcomes and deliver more affordable energy for Australian households, including: 

  • a rule change requiring energy retailers to notify their customers when their discounts are about to finish or change;
  • a rule change proposal requiring retailers to provide their customers with advance notice of price changes; and
  • rule change proposals to allow consumers to submit self-reads of their energy meters and to reduce the time it takes to install new meters.

Ends

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