26 September 2023

ICRC fact sheet explains electricity bills

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The ACT’s Independent Competition and Regulatory Commission (ICRC) has turned its efforts to helping Canberrans find the best electricity plan by releasing a new fact sheet.

In its fact sheet Standing offers vs Market offers, the Commission said the sheet would assist consumers in navigating the ACT electricity retail market by explaining the difference between a standing off and a market offer.

“Following the release of the ACT Retail Electricity (Transparency and Comparability) Code in October 2021, more consumers in the ACT are shopping around for the best plans,” the ICRC said.

“To help consumers in their search, this fact sheet explains the difference between standing offers and market offers.”

It said most Canberrans were on ‘market offers’ which were advertised plans they chose or plans that were negotiated with their retailer.

The ICRC said it required retailers to advertise their offers against the reference price (which represents a standard annual charge for an average ACT consumer) to help Canberrans compare plans more easily.

“A standing offer is one that is given to you by default if you don’t choose a market offer or negotiate a plan,” the Commission said.

“For example, if you choose a plan which expires after a year, you may then rollover onto a standing offer until you choose a new one.”

“If you are on a standing offer, you may not be on the best deal available.”

The ICRC said each retailer generally had one or more standing offers for different types of its electricity consumers and recommended that people contact their retailer and/or check the Energy Made Easy website to find the best plan for their needs.

The ICRC’s one-page Fact Sheet can be accessed at this PS News link and the Energy Made Easy website at this link.

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