The Independent Pricing and Regulatory Tribunal (IPART) has released two Draft Reports suggesting that NSW electricity and gas customers are paying too much when they stay with their suppliers long-term.
Tribunal Member, Sandra Gamble said a typical customer could save around $200 to $300 a year for electricity and $213 a year for gas by moving away from their retailer’s default or standing offer, to a better plan.
“The Draft Reports on the performance and competitiveness of the retail electricity and gas markets in NSW in 2019-20 suggest customers seek out a better deal using Government run websites like EnergyMadeEasy and Energy Switch,” Ms Gamble said.
“This year IPART’s review also assessed the impact of COVID-19 on the retail energy markets,” she said.
“COVID-19 is likely to impact the retail energy market over the coming year.”
Ms Gamble said retailers were likely to take on more debt as customers with reduced income face difficulty paying their bills and many customers would be using energy differently which could result in higher than expected energy bills.
She said the Draft Reports found that competition and performance had continued to develop in the retail electricity and gas markets.
“Also energy consumers have reported increased levels of satisfaction and the number of complaints to the Energy Ombudsman has fallen during 2019‑20, indicating better service to customers,” she said.
Ms Gamble said that in future, reviews of the retail market performance would incorporate an assessment of the development and roll-out of innovative products.
IPART is accepting submissions on its Draft Reports, Monitoring the Electricity Retail Market 2019–2020 and Monitoring the Gas Retail Market 2019–2020, until 27 October.
The Tribunal’s 49-page electricity Draft Report can be accessed at this PS News link and its 39-page gas Draft Report at this link.
Further information on how to have a say on the Draft Reports can be accessed at this link.
