The Queensland Competition Authority’s latest annual report on south-east Queensland’s (SEQ) retail electricity market has found that residential and small business electricity prices increased in 2022–23.
This was primarily driven by increases in wholesale energy costs in late 2021–22 and early 2022–23.
QCA Chair Professor Flavio Menezes said that while wholesale energy costs had since decreased substantially, there is generally a delay until changes in wholesale energy costs are reflected in the retail electricity prices that customers pay.
Professor Menezes said that despite retail price increases, the SEQ retail electricity market remained competitive in 2022–23. Retailers continued to compete on both price and non-financial aspects of their offerings—for example, by attaching financial incentives to their plans or by differentiating their products and tailoring them to customers’ preferences.
“Customers who remained active and engaged with the market were best placed to find the most competitive offer for their circumstances.
“Although the number of retailers with plans for SEQ customers decreased in 2022–23, customers could still choose from a variety of retailers and plans. Prices vary substantially between retailers, and often even between different plans offered by the same retailer. Shopping around and comparing different plans is very important in order to benefit from competition in the market.
“We encourage customers to use the Australian Government’s Energy Made Easy website when shopping around and comparing plans, as it is a free, simple way to see whether you can find a better deal. All customers need is their latest electricity bill,” Professor Menezes said.
Customers who require help using the Energy Made Easy website can call the AER Infoline on 1300 585 165. If a customer is experiencing difficulties paying their electricity bill, they should contact their retailer and discuss their situation, as assistance is available.
The market monitoring report for 2022–23 is available on the QCA website.
In regional Queensland, most customers do not have competing retailers to choose from in the retail electricity market. As a result, the QCA sets prices, as directed by the Queensland Government. More detail on regional electricity prices is available on the QCA website.
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