Articles
2020 State of The Australian Energy Market Summary
by APSense News Release Admin
2020 is
over and done with! The AEMC (Australian Energy Market Commission) released
their Retail Energy Competition Review back in June 2020. This is the 7th year
the AEMC has released this review, which focuses on residential and small
business consumers.
It’s
been an unprecedented year thanks to the financial hardship that COVID-19
wreaked on many Aussie families. However, customer satisfaction has reached a
four-year-high; in particular, more than half of residential customers were
satisfied with the value of their electricity service. 55% of consumers could
easily understand their bill, which may seem like a low figure; however, it’s
the highest it’s ever been. This rather highlights how difficult-to-read these
bills can be; but also reflects the efforts of energy providers and the
Australian Government to help bill payers to understand. Complaints are also
down by 4% and are at their lowest to date.
The
review found small increases in the percentage of bill payers on hardship
programs in 2020 (except in Queensland and Victoria). Market concentration has
reduced, making the market more competitive; by March 2020, there were 35
retail companies in the market, spanning 40 retail brands. Market share of the
big three electricity retailers has dropped in the major electricity markets;
that share now varies between 54% (VIC) and 81% (NSW).
The way
that consumers get information about their energy use is changing, too; the
AEMC highlights that they have “made recommendations to allow consumer
protections to evolve with the market, to strike the right balance between
facilitating innovation and minimising harm”.
State-by-state
potential savings by switching to the minimum market offer vary between $289
(South-East Queensland) to $522 (ACT); a powerful reason for small businesses
and residential customers in the National Electricity Market to compare and
switch providers. For more state-by-state information on electricity plan
comparison, visit the following links:
●
Electricity providers Victoria
●
Electricity providers South Australia
●
Electricity providers Queensland
At 306
pages, the full Retail Energy Competitive Review is quite a read. However, there’s a great summary
on the AEMC website here, as well as an easy-to-navigate microsite.
So,
what does this mean from a residential or small business electricity consumer
perspective? The market is getting more competitive, and prices are going down.
There’s plenty of reason to compare electricity plans to make sure you’re still
getting a fair go.
Econnex is an
energy comparison website affiliated with the best energy retailers in the
Australian market. Their energy comparison tool makes it easier than ever for
consumers to compare energy prices and access the best deals. Econnex goes
beyond just dollar-values, by including the main conditions of the contract;
and when you’re ready to switch electricity providers, they’ll get the ball
rolling for you. It’s never been easier to get the best deals at a glance, and
find the right choice for you! Knowledge is power, and with such a difference
between the cheapest and most expensive deals, savvy consumers can access
serious savings.
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Created on Mar 10th 2021 02:04. Viewed 286 times.
