Bigger competition means bigger energy savings for Queenslanders, says Deloitte
Thanks to increased competition among energy retailers in Queensland, Aussies have saved up to $100 million in the past year on their power bills.
And according to a recent analysis by independent consultants Deloitte, massive discounting by Alinta Energy has seen South East Queenslanders save between an average of $159 - $365 a year.
The report revealed that Alinta’s partnership with government-owned, CS Energy, has also contributed to increased competition, forcing other retailers to drop prices.
In fact, the average discount among competing retailers has doubled from 8% to 15%.
“I would be surprised if that benefit has not been doubled. There could be anything up to $100 million extra in the pockets of Queenslanders,” said Alinta Energy Managing Director and Chief Executive, Jeff Dimery as quoted by the Courier Mail.
“Queenslanders have more money to spend on the things they want to spend it on.”
The Alinta edge
In August last year, Mozo reported on the partnership between the Perth-based retailer and the state government.
Alinta’s HomeSaver Plus 25 promised a whopping 25% discount for Aussies who paid their bill on time and in full over two year period.
In February, this discount jumped to 28%, with a further 1.6% reduction in the works, which could help households save a further $28 every year.
“We’ve known for some time that we are having quite an impact since our market entry to Queensland,” says Dimery.
“The Deloitte report gives us hard evidence that that is occurring.”
However, despite the massive savings up for grabs consumer watchdog, the Australian Competition and Consumer Commission (ACCC), believes there is still work to be done in terms of making things clearer for customers.
They’ve criticised the massive penalisation customers face if they miss their payment date by only a couple of days.
“We will create new products designed to reward customers irrespective of whether they pay by the due date and what a reasonable penalty is,” promised Dimery.
“To be a day or two late and lose all your benefits does seem harsh.”
A spike in switching
Deloitte’s analysis has also found that the rate of Aussies switching energy retailers for a better value deal has doubled - from 10% to 20%.
“It’s good news to see Australian households taking more of an initiative when it comes to their utility bills,” said Mozo Product Data Manager, Peter Marshall.
“In October last year, our research found that Queenslanders could have an annual saving of as much as $532 if they switched from the most expensive to the cheapest plan in the market, so it’s worth shopping around.”
So if you’re ready to make the switch to a better value plan, you’ll need our energy comparison tool. It compares some of the latest energy deals, while our energy cost crunch calculator can provide some of the cheapest plans, according to your postcode.