THINK your loyalty by staying with a long-term electricity or gas supplier is appreciated? Think again.
Draft reports released by IPART (the Independent Pricing and Regulatory Tribunal) suggest NSW customers are paying too much when they stay long-term with their supplier's standard offer.
"A typical customer could save around $200-$300 a year for electricity and $213 a year for gas by moving from their retailer's default or standing offer, to a better plan," said tribunal member Sandra Gamble.
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.
This year IPART's review also assessed the impact of COVID-19 on the retail energy markets.
"Retailers are likely to take on more debt as customers with reduced income could have difficulty paying their bills," Ms Gamble said.
"Many customers will also be using energy differently as a result of the changes from COVID-19 restrictions, such as work from home arrangements, which may result in higher than expected bills."
Ms Gamble suggested customers to get in touch with their retailer if they are in financial hardship.
The draft reports found several indicators show that competition and performance has continued to develop in the retail electricity and gas markets.
"We have seen more retailers enter these markets and take market share away from the three largest retailers," Ms Gamble said.
Energy consumers have also reported increased levels of satisfaction and the number of complaints to the Energy Ombudsman fell during 2019-20.
Ms Gamble said reviews are under way looking to improve the future design of the electricity market for consumers, including how consumers interact with the market and how information is provided to consumers.
IPART is taking submissions on its draft reports on the performance of the gas and electricity markets.
The reports are available on the IPART website, and submissions can be made HERE until October 27.
A final report will be provided to the NSW Minister for Energy and Environment by November 30.
