A new report released today by the Independent Pricing and Regulatory Tribunal (IPART) shows energy market reforms in NSW have succeeded in creating more choice and value for residential and business electricity customers.
Member for Ku-ring-gai, Alister Henskens SC, said residents and businesses in Ku-ring-gai were benefitting from the changes in the form of greater choice, service innovations and prices consistent with a competitive market.
“This is good news for consumers and all part of the NSW Government’s efforts to create more competition in the market to supports savings for customers and help to drive innovation in the NSW energy sector,” Mr Henskens said.
“Since the Government removed retail price regulation two years ago 11 new retailers have entered the market, including 6 in the last year.
“Typical residential customers can save between $284 and $445 per year by shopping around and making the switch to a new product or retailer. For small business customers, those savings could be between $568 and $856.
“The IPART report shows that engaged customers benefit most from competition, and I recommend local residents and businesses take the time to compare products using the free price comparison site www.energymadeeasy.gov.au to try to find a better deal.
“Many products now make it easier for customers to manage their bills, with monthly and fortnightly billing options bringing an end to the quarterly ‘bill shock’, and real-time price signals helping consumers achieve significant energy savings.”
To view the IPART report visit: www.ipart.nsw.gov.au
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