Energy customer satisfaction reaches four-year high in Australia
Even though we might not be in regular contact with our energy providers, we rely on them everyday to power our homes and trust they’ll be there when we need them.
Well, according to a new report by the Australian Energy Market Commission (AMEC) it seems some retailers aren’t too shabby when it comes to customer service.
More than half of residential electricity customers were satisfied with their service in 2019, reportedly a four-year high, the AEMC Retail Energy Competition Review found. Meanwhile, two-thirds of gas customers rated their service as ‘value for money’.
“We know the landscape has shifted since the COVID-19 pandemic, but these figures show that things were improving in the market, with innovation still happening and the number of competitors continuing to increase,” said AEMC chief executive, Benn Barr.
The report also found that more than half (55%) of respondents said that any information provided by their retailer was not only accessible but easy to understand.
More than a quarter (36%) of Aussies agreed that the national energy market (NEM) is working in their best long-term interests.
And although complaints were down by 4% and the proportion of customers on hardship plans were low, Barr said there is still more work to be done.
“Overall, the proportion of hardship customers is small, but we need to keep an eye on any upward trend in these numbers. This will be an important reference point for us to understand the impact of COVID-19 on customers’ ability to pay their energy bills,” he said.
Switching levels fall in 2019
If you’ve been keeping up with the latest energy movements, you’ll know that we’ve seen new innovative retailers enter the market within the last few years with a drive to stir up some competition among larger players.
But unfortunately, the AEMC found that switching decreased by 5% in 2019 across the NEM.
For the Aussies that did switch, the top three common reasons included:
dissatisfied with the value for money (17%)
searched for a better offer on a price comparison website (15%)
approached by a competitor with a different offer (13%).
A recent study by the Australian Energy Regulator (AER) found that in January 2020, if households switched from the median standing offer plan to the best market offer (depending on their distribution zone), they could potentially save an average of between $300 - $400 a year.
So if you’d like to find out if there could be big savings in your future, enter your postcode below to compare energy plans available in your area!
