QLD energy market heats up for summer as Powershop, Red Energy enter the ring
Energy providers Powershop and Red Energy expanded into south-east Queensland last week, offering homeowners more options to choose from when shopping for a competitive electricity plan.
Electricity prices were deregulated from 1 July this year in the Energex area, a distribution network spanning south-eastern Queensland, Brisbane, Ipswich, the Sunshine Coast and Gold Coast.
While an August report showed prices had actually risen in deregulated markets, according to Mozo Director of Comparison Data Services Andrew Duncanson, increased competition as more retailers enter the area could mean the potential for lower prices and increased discounts, as providers vie for customers’ loyalty.
In fact, households in the region who compare energy plans and swap from the worst to best value energy plan in Mozo’s database currently stand to save up to $705 every year.
“And with more providers entering the south-east Queensland market in the lead up to summer, households may see even more competitive pricing in the future. Newcomers like Powershop and Red Energy have already proven they offer good value, having each won multiple Mozo Experts Choice Awards this year, in which we compared 26 electricity retailers looking for the best energy options for Aussie households,” Duncanson added.
Powershop, which won Mozo Experts Choice Energy Awards for Best Value Electricity in Victoria and Best Value Solar-friendly Electricity in both Victoria and NSW, has had plans to move into the south-east Queensland market since its Australian launch in 2015.
At that time, Powershop CEO Ben Burge said, “Powershop was born out of protest. Everything that annoyed us as customers - outrageous prices, lock-in contracts, exit fees, hidden costs, bad customer service and jargon-filled, confusing information - has been dumped from our business model.”
Red Energy, which entered the market in 2004, is owned and backed by the Snowy Mountains Hydro-electric Scheme, and won Mozo Experts Choice Energy Awards for Best Value Greenpower in both Victoria and NSW.
With these great value energy options entering the deregulated Queensland market, Duncanson encouraged all Queenslanders to review their energy bills to be sure they aren’t overpaying to keep the lights on.
“Energy bills can spike in summer as we pump up the aircon, but by keeping an eye on the market and what prices are being offered, you could be saving hundreds of dollars. So why wouldn’t you take the time to check you’re getting the best deal?” he said.
Want to find the best value electricity plans in your state? Head over and take Mozo’s energy comparison tool for a whirl.