In the midst of a cost-of-living crisis, millions of Australians are unknowingly paying more for their electricity than necessary.

The Australian Competition and Consumer Commission (ACCC) has recently exposed this alarming trend, urging consumers to actively seek out cheaper deals as the current protection system has 'failed dismally'.

The ACCC conducted an assessment of the energy deals of five million Australians, comparing them to the cheapest available options on the market.

The results were shocking: a staggering 79 per cent of consumers were found to be on higher offers than what’s available, with the ACCC warning that loyalty to a single provider could be costing Australians dearly.

ACCC exposed how Aussies are getting ripped off in their power consumption bills! Image: Freepik

Money Expert Joel Gibson explained: 'The big secret for years in the energy market has been what people are really paying—we can look at current offers and see what they cost, but most people are paying old prices, and only energy retailers know what those prices are. This report finally pulls back the veil, and what’s behind it is very ugly.'

The ACCC's findings have been described as a 'disgrace', highlighting that Australians are not being protected by default offering, which is meant to be the base level the government regulator sets in July yearly and considers a 'fair price' for electric consumption.

'In 2019, the Morrison government rejigged the energy market to protect households from being ripped off, but now we have half of Australia paying more than the price cap they created,' Gibson said.

'It was meant to be an effective soft price that you pay if you don't shop around for market offers.'

‘This suggests a serious problem in our energy market, with around half of us paying hundreds of dollars, even $1,000 or more above what we should for electricity in the coming year,’ he added.

According to Canstar's Consumer Pulse report released this week, almost 70 per cent of Australians think the government is not doing enough to reduce energy costs, and electricity has remained the main concern for households.

'Electricity costs have reached more than $400 per quarter for the first time since 2019, with Aussies reporting they are paying $34 more on average than respondents were last year,' Canstar explained.

Interestingly, only 16 per cent had switched providers in the last year.

This could be due to a lack of awareness or understanding of the potential savings that could be made by switching providers.

So, how can you save on electricity? One of the most effective ways to take control of your energy bills is to compare energy plans from one year to another. You can do this through this government website.

Comparing will help you avoid paying the loyalty tax that comes from benefit periods running their course after a year before moving on to the provider’s standing offer plan.

ACCC Commissioner Anna Brakey said: 'Electricity retailers offer cheaper plans to attract new customers, but over time, we observe these plans becoming relatively more expensive, so many loyal customers will be paying more than they need to be.'

‘Prices for new customers tend to be competitive, but we are concerned that the market is not delivering for customers who do not regularly switch or engage with their existing retailer.’

From September 30, electricity companies are required to notify customers of their bills for an affordable plan available, including the savings they could gain by switching.

This is called the retailer’s ‘better offer’ statement and will be displayed on the first page of subscribers' regular power bills.

The Australian Energy Regulator’s (AER) Better Bills Guideline also requires retailers to include details on how to switch plans. This is a significant step towards transparency and empowering consumers to make informed decisions about their energy consumption.

However, the onus is still on consumers to actively seek out the best deals. Gibson explained, 'It's called the front book/back book pricing methodology…You see it in energy, insurance, banking, and it means old loyal customers pay more to subsidise the cheap deals to attract new customers.'

‘So it's always been a bit of a mystery whether you're getting the best deal—they have “retention offers” that they only offer you when you're leaving.’

‘They also have under-the-table deals they offer to friends and family, or to motoring clubs or rewards programs or money-saving clubs.’

You can watch Gibson’s video below:

​

In conclusion, it's crucial for consumers to stay informed and proactive in managing their energy costs.

Regularly comparing energy plans and switching providers when necessary can lead to significant savings. Don't let loyalty to a single provider cost you hundreds, or even thousands, of dollars each year.

Key Takeaways

• An ACCC report revealed that 79 per cent of Australians were paying more for electricity than necessary, with many on higher offers compared to the cheapest on the market.
• Loyalty was identified as costly for Australians who initially signed up for cheap plans that later increased in price, and default offers set by the government were not providing the intended protection.
• The ACCC and experts suggest that Australians should compare energy plans annually to avoid overpaying and to benefit from competitive deals.
• From September 30, power companies are obligated to inform customers of affordable plans available and how to switch, aimed at improving transparency and potentially leading to savings for customers.

What are your thoughts on this issue? Have you experienced a similar situation? Share your experiences and tips in the comments below.

 

[GL Payne]

In the midst of a cost-of-living crisis, millions of Australians are unknowingly paying more for their electricity than necessary.

The Australian Competition and Consumer Commission (ACCC) has recently exposed this alarming trend, urging consumers to actively seek out cheaper deals as the current protection system has 'failed dismally'.

The ACCC conducted an assessment of the energy deals of five million Australians, comparing them to the cheapest available options on the market.

The results were shocking: a staggering 79 per cent of consumers were found to be on higher offers than what’s available, with the ACCC warning that loyalty to a single provider could be costing Australians dearly.

View attachment 37765

ACCC exposed how Aussies are getting ripped off in their power consumption bills! Image: Freepik

Money Expert Joel Gibson explained: 'The big secret for years in the energy market has been what people are really paying—we can look at current offers and see what they cost, but most people are paying old prices, and only energy retailers know what those prices are. This report finally pulls back the veil, and what’s behind it is very ugly.'

The ACCC's findings have been described as a 'disgrace', highlighting that Australians are not being protected by default offering, which is meant to be the base level the government regulator sets in July yearly and considers a 'fair price' for electric consumption.

'In 2019, the Morrison government rejigged the energy market to protect households from being ripped off, but now we have half of Australia paying more than the price cap they created,' Gibson said.

'It was meant to be an effective soft price that you pay if you don't shop around for market offers.'

‘This suggests a serious problem in our energy market, with around half of us paying hundreds of dollars, even $1,000 or more above what we should for electricity in the coming year,’ he added.

According to Canstar's Consumer Pulse report released this week, almost 70 per cent of Australians think the government is not doing enough to reduce energy costs, and electricity has remained the main concern for households.

'Electricity costs have reached more than $400 per quarter for the first time since 2019, with Aussies reporting they are paying $34 more on average than respondents were last year,' Canstar explained.

Interestingly, only 16 per cent had switched providers in the last year.

This could be due to a lack of awareness or understanding of the potential savings that could be made by switching providers.

So, how can you save on electricity? One of the most effective ways to take control of your energy bills is to compare energy plans from one year to another. You can do this through this government website.

Comparing will help you avoid paying the loyalty tax that comes from benefit periods running their course after a year before moving on to the provider’s standing offer plan.

ACCC Commissioner Anna Brakey said: 'Electricity retailers offer cheaper plans to attract new customers, but over time, we observe these plans becoming relatively more expensive, so many loyal customers will be paying more than they need to be.'

‘Prices for new customers tend to be competitive, but we are concerned that the market is not delivering for customers who do not regularly switch or engage with their existing retailer.’

From September 30, electricity companies are required to notify customers of their bills for an affordable plan available, including the savings they could gain by switching.

This is called the retailer’s ‘better offer’ statement and will be displayed on the first page of subscribers' regular power bills.

The Australian Energy Regulator’s (AER) Better Bills Guideline also requires retailers to include details on how to switch plans. This is a significant step towards transparency and empowering consumers to make informed decisions about their energy consumption.

However, the onus is still on consumers to actively seek out the best deals. Gibson explained, 'It's called the front book/back book pricing methodology…You see it in energy, insurance, banking, and it means old loyal customers pay more to subsidise the cheap deals to attract new customers.'

‘So it's always been a bit of a mystery whether you're getting the best deal—they have “retention offers” that they only offer you when you're leaving.’

‘They also have under-the-table deals they offer to friends and family, or to motoring clubs or rewards programs or money-saving clubs.’

You can watch Gibson’s video below:

​

In conclusion, it's crucial for consumers to stay informed and proactive in managing their energy costs.

Regularly comparing energy plans and switching providers when necessary can lead to significant savings. Don't let loyalty to a single provider cost you hundreds, or even thousands, of dollars each year.

Key Takeaways

• An ACCC report revealed that 79 per cent of Australians were paying more for electricity than necessary, with many on higher offers compared to the cheapest on the market.
• Loyalty was identified as costly for Australians who initially signed up for cheap plans that later increased in price, and default offers set by the government were not providing the intended protection.
• The ACCC and experts suggest that Australians should compare energy plans annually to avoid overpaying and to benefit from competitive deals.
• From September 30, power companies are obligated to inform customers of affordable plans available and how to switch, aimed at improving transparency and potentially leading to savings for customers.

What are your thoughts on this issue? Have you experienced a similar situation? Share your experiences and tips in the comments below.

And this isn't the biggest rip off when it comes to Electricity. I'm not sure how it happened - but after having solar at our previous home for over 10 years, my gut feel was that we hadn't broken even with the purchase price of the panels, and that I'd never buy them again. 10 years later, we moved into a property with no panels. Neighbors were installing them, and we were being pummeled with "install solar & save" promotions non-stop .... so I got sucked in AGAIN. We've had the panels up for more than a full billing period now, so I've been able to get some real data. Using a complementary Electric Energy monitor from Emerald I've been able to get our exact electricity consumption for the billing period, & it told me we'd used 706 KWHrs - our Energy provider stated it was 747 KWHrs. In the meantime, the software provided with my solar panels says that we'd produced 1830 KWHrs - a whopping 1000 + hrs more than we'd used. So please Mr. Electricity provider (Energy Australia), where is the extra 1125 KWHrs I am generating going ??? In the meantime I incurred a bill for over $230 from my provider & icing on the cake paid - $644.30 in repayments for the purchase of the panels (ongoing for 4 or 5 years).

 

[Rob44]

In the midst of a cost-of-living crisis, millions of Australians are unknowingly paying more for their electricity than necessary.

The Australian Competition and Consumer Commission (ACCC) has recently exposed this alarming trend, urging consumers to actively seek out cheaper deals as the current protection system has 'failed dismally'.

The ACCC conducted an assessment of the energy deals of five million Australians, comparing them to the cheapest available options on the market.

The results were shocking: a staggering 79 per cent of consumers were found to be on higher offers than what’s available, with the ACCC warning that loyalty to a single provider could be costing Australians dearly.

View attachment 37765

ACCC exposed how Aussies are getting ripped off in their power consumption bills! Image: Freepik

Money Expert Joel Gibson explained: 'The big secret for years in the energy market has been what people are really paying—we can look at current offers and see what they cost, but most people are paying old prices, and only energy retailers know what those prices are. This report finally pulls back the veil, and what’s behind it is very ugly.'

The ACCC's findings have been described as a 'disgrace', highlighting that Australians are not being protected by default offering, which is meant to be the base level the government regulator sets in July yearly and considers a 'fair price' for electric consumption.

'In 2019, the Morrison government rejigged the energy market to protect households from being ripped off, but now we have half of Australia paying more than the price cap they created,' Gibson said.

'It was meant to be an effective soft price that you pay if you don't shop around for market offers.'

‘This suggests a serious problem in our energy market, with around half of us paying hundreds of dollars, even $1,000 or more above what we should for electricity in the coming year,’ he added.

According to Canstar's Consumer Pulse report released this week, almost 70 per cent of Australians think the government is not doing enough to reduce energy costs, and electricity has remained the main concern for households.

'Electricity costs have reached more than $400 per quarter for the first time since 2019, with Aussies reporting they are paying $34 more on average than respondents were last year,' Canstar explained.

Interestingly, only 16 per cent had switched providers in the last year.

This could be due to a lack of awareness or understanding of the potential savings that could be made by switching providers.

So, how can you save on electricity? One of the most effective ways to take control of your energy bills is to compare energy plans from one year to another. You can do this through this government website.

Comparing will help you avoid paying the loyalty tax that comes from benefit periods running their course after a year before moving on to the provider’s standing offer plan.

ACCC Commissioner Anna Brakey said: 'Electricity retailers offer cheaper plans to attract new customers, but over time, we observe these plans becoming relatively more expensive, so many loyal customers will be paying more than they need to be.'

‘Prices for new customers tend to be competitive, but we are concerned that the market is not delivering for customers who do not regularly switch or engage with their existing retailer.’

From September 30, electricity companies are required to notify customers of their bills for an affordable plan available, including the savings they could gain by switching.

This is called the retailer’s ‘better offer’ statement and will be displayed on the first page of subscribers' regular power bills.

The Australian Energy Regulator’s (AER) Better Bills Guideline also requires retailers to include details on how to switch plans. This is a significant step towards transparency and empowering consumers to make informed decisions about their energy consumption.

However, the onus is still on consumers to actively seek out the best deals. Gibson explained, 'It's called the front book/back book pricing methodology…You see it in energy, insurance, banking, and it means old loyal customers pay more to subsidise the cheap deals to attract new customers.'

‘So it's always been a bit of a mystery whether you're getting the best deal—they have “retention offers” that they only offer you when you're leaving.’

‘They also have under-the-table deals they offer to friends and family, or to motoring clubs or rewards programs or money-saving clubs.’

You can watch Gibson’s video below:

​

In conclusion, it's crucial for consumers to stay informed and proactive in managing their energy costs.

Regularly comparing energy plans and switching providers when necessary can lead to significant savings. Don't let loyalty to a single provider cost you hundreds, or even thousands, of dollars each year.

Key Takeaways

• An ACCC report revealed that 79 per cent of Australians were paying more for electricity than necessary, with many on higher offers compared to the cheapest on the market.
• Loyalty was identified as costly for Australians who initially signed up for cheap plans that later increased in price, and default offers set by the government were not providing the intended protection.
• The ACCC and experts suggest that Australians should compare energy plans annually to avoid overpaying and to benefit from competitive deals.
• From September 30, power companies are obligated to inform customers of affordable plans available and how to switch, aimed at improving transparency and potentially leading to savings for customers.

What are your thoughts on this issue? Have you experienced a similar situation? Share your experiences and tips in the comments below.

Since the privatisation of Australia's electricity supply system, the Australian householder/customer has been ripped off.

 

[Rob44]

And this isn't the biggest rip off when it comes to Electricity. I'm not sure how it happened - but after having solar at our previous home for over 10 years, my gut feel was that we hadn't broken even with the purchase price of the panels, and that I'd never buy them again. 10 years later, we moved into a property with no panels. Neighbors were installing them, and we were being pummeled with "install solar & save" promotions non-stop .... so I got sucked in AGAIN. We've had the panels up for more than a full billing period now, so I've been able to get some real data. Using a complementary Electric Energy monitor from Emerald I've been able to get our exact electricity consumption for the billing period, & it told me we'd used 706 KWHrs - our Energy provider stated it was 747 KWHrs. In the meantime, the software provided with my solar panels says that we'd produced 1830 KWHrs - a whopping 1000 + hrs more than we'd used. So please Mr. Electricity provider (Energy Australia), where is the extra 1125 KWHrs I am generating going ??? In the meantime I incurred a bill for over $230 from my provider & icing on the cake paid - $644.30 in repayments for the purchase of the panels (ongoing for 4 or 5 years).

Solar Power? Feed-in tariffs are far too low.

 

[JustPat]

Synergy or synergy.

 

[elaine41]

These are the reasons why power costs are so high:
1. Unless you live in a major city, you have no choice who you are with;
2. Government stupidity in that the idiots are trying to phase out fossil fuels before green energy is cheaper;
3. Failure to have uranium in the mix; and
4. Subsidies for green power.

I have lived in rural NSW for many years now, & I assure you, I have the same choice of elec companies as you do in the city. I have now been with Red Energy for a few years & know I am getting the best price available.

 

[Liz]

I rang Origin yesterday and they gave me a better deal. Ring them every 6 months to see if they have a better deal. Because I have life support machines I am sticking with them. I am lucky living in a city so have choice.

 

[Ezzy]

I thought it was just me. I am also on bill smoothing with AGL and now am about $210 in credit. They take $43 per fortnight from my pension and my monthly electricity bill is about $75. I contacted them last week to ask about using the credit to pay my gas bill $156 so I'd have that money for Christmas and was told that if I used it my bill smoothing deduction would be increased! Wtf!!!
It is my money but I'm penalised if I try to use it. BTW $43 per fortnight equates to $94 per calendar month so my credit is increasing by approximately $18 per month but I can't access it. SMH

Time to reduce the amount you have deducted l would think.

 

[Ezzy]

In W.A. the State Government has the monopoly on Electricity which is why we only have one electricity supplier.

Certainly time for a shake-up here so we have a choice of more than one supplier. Perhaps the Govt is afraid of a bit of competition & loss of income???

 

[Shirley Broomhall]

I thought it was just me. I am also on bill smoothing with AGL and now am about $210 in credit. They take $43 per fortnight from my pension and my monthly electricity bill is about $75. I contacted them last week to ask about using the credit to pay my gas bill $156 so I'd have that money for Christmas and was told that if I used it my bill smoothing deduction would be increased! Wtf!!!
It is my money but I'm penalised if I try to use it. BTW $43 per fortnight equates to $94 per calendar month so my credit is increasing by approximately $18 per month but I can't access it. SMH

I suggest that you contact the energy Ombudsman to sort it out. Good luck .

 

[ToniaKisliakov]

Only conclusion to avoid price hikes is to install a complete solar system
or
Get good candles

 

[BillW41]

In the midst of a cost-of-living crisis, millions of Australians are unknowingly paying more for their electricity than necessary.

The Australian Competition and Consumer Commission (ACCC) has recently exposed this alarming trend, urging consumers to actively seek out cheaper deals as the current protection system has 'failed dismally'.

The ACCC conducted an assessment of the energy deals of five million Australians, comparing them to the cheapest available options on the market.

The results were shocking: a staggering 79 per cent of consumers were found to be on higher offers than what’s available, with the ACCC warning that loyalty to a single provider could be costing Australians dearly.

View attachment 37765

ACCC exposed how Aussies are getting ripped off in their power consumption bills! Image: Freepik

Money Expert Joel Gibson explained: 'The big secret for years in the energy market has been what people are really paying—we can look at current offers and see what they cost, but most people are paying old prices, and only energy retailers know what those prices are. This report finally pulls back the veil, and what’s behind it is very ugly.'

The ACCC's findings have been described as a 'disgrace', highlighting that Australians are not being protected by default offering, which is meant to be the base level the government regulator sets in July yearly and considers a 'fair price' for electric consumption.

'In 2019, the Morrison government rejigged the energy market to protect households from being ripped off, but now we have half of Australia paying more than the price cap they created,' Gibson said.

'It was meant to be an effective soft price that you pay if you don't shop around for market offers.'

‘This suggests a serious problem in our energy market, with around half of us paying hundreds of dollars, even $1,000 or more above what we should for electricity in the coming year,’ he added.

According to Canstar's Consumer Pulse report released this week, almost 70 per cent of Australians think the government is not doing enough to reduce energy costs, and electricity has remained the main concern for households.

'Electricity costs have reached more than $400 per quarter for the first time since 2019, with Aussies reporting they are paying $34 more on average than respondents were last year,' Canstar explained.

Interestingly, only 16 per cent had switched providers in the last year.

This could be due to a lack of awareness or understanding of the potential savings that could be made by switching providers.

So, how can you save on electricity? One of the most effective ways to take control of your energy bills is to compare energy plans from one year to another. You can do this through this government website.

Comparing will help you avoid paying the loyalty tax that comes from benefit periods running their course after a year before moving on to the provider’s standing offer plan.

ACCC Commissioner Anna Brakey said: 'Electricity retailers offer cheaper plans to attract new customers, but over time, we observe these plans becoming relatively more expensive, so many loyal customers will be paying more than they need to be.'

‘Prices for new customers tend to be competitive, but we are concerned that the market is not delivering for customers who do not regularly switch or engage with their existing retailer.’

From September 30, electricity companies are required to notify customers of their bills for an affordable plan available, including the savings they could gain by switching.

This is called the retailer’s ‘better offer’ statement and will be displayed on the first page of subscribers' regular power bills.

The Australian Energy Regulator’s (AER) Better Bills Guideline also requires retailers to include details on how to switch plans. This is a significant step towards transparency and empowering consumers to make informed decisions about their energy consumption.

However, the onus is still on consumers to actively seek out the best deals. Gibson explained, 'It's called the front book/back book pricing methodology…You see it in energy, insurance, banking, and it means old loyal customers pay more to subsidise the cheap deals to attract new customers.'

‘So it's always been a bit of a mystery whether you're getting the best deal—they have “retention offers” that they only offer you when you're leaving.’

‘They also have under-the-table deals they offer to friends and family, or to motoring clubs or rewards programs or money-saving clubs.’

You can watch Gibson’s video below:

​

In conclusion, it's crucial for consumers to stay informed and proactive in managing their energy costs.

Regularly comparing energy plans and switching providers when necessary can lead to significant savings. Don't let loyalty to a single provider cost you hundreds, or even thousands, of dollars each year.

Key Takeaways

• An ACCC report revealed that 79 per cent of Australians were paying more for electricity than necessary, with many on higher offers compared to the cheapest on the market.
• Loyalty was identified as costly for Australians who initially signed up for cheap plans that later increased in price, and default offers set by the government were not providing the intended protection.
• The ACCC and experts suggest that Australians should compare energy plans annually to avoid overpaying and to benefit from competitive deals.
• From September 30, power companies are obligated to inform customers of affordable plans available and how to switch, aimed at improving transparency and potentially leading to savings for customers.

What are your thoughts on this issue? Have you experienced a similar situation? Share your experiences and tips in the comments below.

 

[BillW41]

It's all too ridiculously complicated. I recently switched but am not convinced I'm any better off and even having Government concessions transferred is uncertain. All utilities should be controlled by the Government, as they used to be, with no private suppliers allowed into the marketplace. Pricing should be equal for everyone.

 

[Reaper123]

In Victoria I use https://compare.energy.vic.gov.au/ to compare energy suppliers. It works fine.

 

[SeanOg]

In the midst of a cost-of-living crisis, millions of Australians are unknowingly paying more for their electricity than necessary.

The Australian Competition and Consumer Commission (ACCC) has recently exposed this alarming trend, urging consumers to actively seek out cheaper deals as the current protection system has 'failed dismally'.

The ACCC conducted an assessment of the energy deals of five million Australians, comparing them to the cheapest available options on the market.

The results were shocking: a staggering 79 per cent of consumers were found to be on higher offers than what’s available, with the ACCC warning that loyalty to a single provider could be costing Australians dearly.

View attachment 37765

ACCC exposed how Aussies are getting ripped off in their power consumption bills! Image: Freepik

Money Expert Joel Gibson explained: 'The big secret for years in the energy market has been what people are really paying—we can look at current offers and see what they cost, but most people are paying old prices, and only energy retailers know what those prices are. This report finally pulls back the veil, and what’s behind it is very ugly.'

The ACCC's findings have been described as a 'disgrace', highlighting that Australians are not being protected by default offering, which is meant to be the base level the government regulator sets in July yearly and considers a 'fair price' for electric consumption.

'In 2019, the Morrison government rejigged the energy market to protect households from being ripped off, but now we have half of Australia paying more than the price cap they created,' Gibson said.

'It was meant to be an effective soft price that you pay if you don't shop around for market offers.'

‘This suggests a serious problem in our energy market, with around half of us paying hundreds of dollars, even $1,000 or more above what we should for electricity in the coming year,’ he added.

According to Canstar's Consumer Pulse report released this week, almost 70 per cent of Australians think the government is not doing enough to reduce energy costs, and electricity has remained the main concern for households.

'Electricity costs have reached more than $400 per quarter for the first time since 2019, with Aussies reporting they are paying $34 more on average than respondents were last year,' Canstar explained.

Interestingly, only 16 per cent had switched providers in the last year.

This could be due to a lack of awareness or understanding of the potential savings that could be made by switching providers.

So, how can you save on electricity? One of the most effective ways to take control of your energy bills is to compare energy plans from one year to another. You can do this through this government website.

Comparing will help you avoid paying the loyalty tax that comes from benefit periods running their course after a year before moving on to the provider’s standing offer plan.

ACCC Commissioner Anna Brakey said: 'Electricity retailers offer cheaper plans to attract new customers, but over time, we observe these plans becoming relatively more expensive, so many loyal customers will be paying more than they need to be.'

‘Prices for new customers tend to be competitive, but we are concerned that the market is not delivering for customers who do not regularly switch or engage with their existing retailer.’

From September 30, electricity companies are required to notify customers of their bills for an affordable plan available, including the savings they could gain by switching.

This is called the retailer’s ‘better offer’ statement and will be displayed on the first page of subscribers' regular power bills.

The Australian Energy Regulator’s (AER) Better Bills Guideline also requires retailers to include details on how to switch plans. This is a significant step towards transparency and empowering consumers to make informed decisions about their energy consumption.

However, the onus is still on consumers to actively seek out the best deals. Gibson explained, 'It's called the front book/back book pricing methodology…You see it in energy, insurance, banking, and it means old loyal customers pay more to subsidise the cheap deals to attract new customers.'

‘So it's always been a bit of a mystery whether you're getting the best deal—they have “retention offers” that they only offer you when you're leaving.’

‘They also have under-the-table deals they offer to friends and family, or to motoring clubs or rewards programs or money-saving clubs.’

You can watch Gibson’s video below:

​

In conclusion, it's crucial for consumers to stay informed and proactive in managing their energy costs.

Regularly comparing energy plans and switching providers when necessary can lead to significant savings. Don't let loyalty to a single provider cost you hundreds, or even thousands, of dollars each year.

Key Takeaways

• An ACCC report revealed that 79 per cent of Australians were paying more for electricity than necessary, with many on higher offers compared to the cheapest on the market.
• Loyalty was identified as costly for Australians who initially signed up for cheap plans that later increased in price, and default offers set by the government were not providing the intended protection.
• The ACCC and experts suggest that Australians should compare energy plans annually to avoid overpaying and to benefit from competitive deals.
• From September 30, power companies are obligated to inform customers of affordable plans available and how to switch, aimed at improving transparency and potentially leading to savings for customers.

What are your thoughts on this issue? Have you experienced a similar situation? Share your experiences and tips in the comments below.

The biggest rip off is the supply charge which now increases the cost by almost 30% of the bill.

 

[Macarj]

it appears business is a big rip off . They all want the $ and don’t care who they take it from . From Supermarkets to Electricity , to Disability Services , Aged Care the lot all wanting your $ and don’t care how they get it . Old expression I have heard is DOG EAT DOG sure applies . Ask for service from Big Business , they have never heard of it . They want you to do everything , go online , use self checkout even Telstra do not take telephone calls to your local Telstra store
Go on line and they give you a list of what to do or go in store . Service has gone out the window in the majority of cases .

They are just as bad as scammers

 

[mylittletibbies]

In W.A. the State Government has the monopoly on Electricity which is why we only have one electricity supplier.

Certainly time for a shake-up here so we have a choice of more than one supplier. Perhaps the Govt is afraid of a bit of competition & loss of income???

Not quite sure about that Ezzy, I live in WA but have also lived in SA on two occasions
There are so many providers over there it gives you a headache, and I can assure you that none of them were cheaper.
As soon as the government sells off our utilities and tell us.competition will reduce the costs, the opposite happens, and prices skyrocket.

 

[Kelpie]

These are the reasons why power costs are so high:
1. Unless you live in a major city, you have no choice who you are with;
2. Government stupidity in that the idiots are trying to phase out fossil fuels before green energy is cheaper;
3. Failure to have uranium in the mix; and
4. Subsidies for green power.

A very very very good post. Sanity prevails...Congratulations.

 

[Kelpie]

Power costs are so high because of privatisation, both in the fuel supply and generation. The Govt. can only phase out fossil fuels by not approving future market growth, and that takes decades and hasn't happened yet as we are exporting more than ever. Nuclear is not only a threat to life in more ways than one, but the most expensive form of energy, particularly when we would be starting from scratch and reliant on foreigners, and fossils are subsidised too, not that you would know it.

Nuclear is not the most expensive form of energy. That is the excuse the Labour Pary is using. Tell us how it is very expensive when even the Government itself, let alone the Energy Minister who cannot come out with a plausible answer to shoot down the idea in flame when asked about it but simply saying it is too expensive. We have modular nuclear plants which can be installed quickly and easily at very low prices and then you are still wrong when you are saying that it would have to from scratch. Did it ever came to your ttention that we have current Coal Fired Power Plants being closed and where all the infrustructure is alread there from the cooling towers to the huge amount of water let alone all teh serviceable generating plants.
And the costs of small nuclear at present can be very expensive to the tune of about twice as muh and large nuclear plants. AND THAT IS WHERE THE COMPARISON HAS BEEN MADE FROM. Using the big figures to scare the living light out of the poeple who are not into any studies about it and the population.
And who is actually pushing against the nuclear energy, Well it is none other than THE GUARDIAN" whom they are fanatic about renewable energy and a hard left news company.
At the same time all these people are failing to admit that the current plans of renewable have been subsidised by taxpayers funds (YES YOURS AND MINE MONEY) which are directkly going into the pockets of billionaires and of course CHINA.
Another baseless excuse that is all.

IN MY FOLLOWING POST I WILL POST MORE INFORMATION ABOUT NUCLEAR ENERGY POWER

 

[Kelpie]

Nuclear is not the most expensive form of energy. That is the excuse the Labour Pary is using. Tell us how it is very expensive when even the Government itself, let alone the Energy Minister who cannot come out with a plausible answer to shoot down the idea in flame when asked about it but simply saying it is too expensive. We have modular nuclear plants which can be installed quickly and easily at very low prices and then you are still wrong when you are saying that it would have to from scratch. Did it ever came to your ttention that we have current Coal Fired Power Plants being closed and where all the infrustructure is alread there from the cooling towers to the huge amount of water let alone all teh serviceable generating plants.
And the costs of small nuclear at present can be very expensive to the tune of about twice as muh and large nuclear plants. AND THAT IS WHERE THE COMPARISON HAS BEEN MADE FROM. Using the big figures to scare the living light out of the poeple who are not into any studies about it and the population.
And who is actually pushing against the nuclear energy, Well it is none other than THE GUARDIAN" whom they are fanatic about renewable energy and a hard left news company.
At the same time all these people are failing to admit that the current plans of renewable have been subsidised by taxpayers funds (YES YOURS AND MINE MONEY) which are directkly going into the pockets of billionaires and of course CHINA.
Another baseless excuse that is all.

IN MY FOLLOWING POST I WILL POST MORE INFORMATION ABOUT NUCLEAR ENERGY POWER

As I wrote above, read the following and you will soon realise if we have told the real truth, the whole truth and nothing but the truth. To me it appearat that someone is pushing their wheelbarrows full of personal agenda and even self interest forward.
It is also clear that someone is telling us porkies in a big way when they are saying that nuclear power wll cost upwards of $16,000 per Kw when it appears from studies done below By Independent People that the cost is only at about $2000 to 3000 per Kw which is way below and even miniscule to the renewable energy.

""( Nuclear power construction costs have varied significantly across the world and in time. Large and rapid increases in cost occurred during the 1970s, especially in the United States. Recent cost trends in countries such as Japan and Korea have been very different, including periods of stability and decline in costs.

New nuclear power plants typically have high capital expenditure for building plants. Fuel, operational, and maintenance costs are relatively small components of the total cost. The long service life and high capacity factor of nuclear power plants allow sufficient funds for ultimate plant decommissioning and waste storage and management to be accumulated, with little impact on the price per unit of electricity generated. Additionally, measures to mitigate climate change such as a carbon tax or carbon emissions trading, favor the economics of nuclear power over fossil fuel power. Nuclear power is cost competitive with the renewable generation when the capital cost is in the region of 2000-3000 ($/KW).

Overview[edit]​

Olkiluoto 3 under construction in 2009. It is the first EPR design, but problems with workmanship and supervision have created costly delays which led to an inquiry by the Finnish nuclear regulator STUK. In December 2012, Areva estimated that the full cost of building the reactor will be about €8.5 billion, or almost three times the original delivery price of €3 billion.
The economics of nuclear power are debated. Some opponents of nuclear power cite cost as the main challenge for the technology. Ian Lowe has also challenged the economics of nuclear power.Nuclear supporters point to the historical success of nuclear power across the world, and they call for new reactors in their own countries, including proposed new but largely uncommercialized designs, as a source of new power. The Intergovernmental Panel on Climate Change (IPCC) endorses nuclear technology as a low carbon, mature energy source which should be nearly quadrupled to help address soaring greenhouse gas emissions.

Solar power has very low capacity factors compared to nuclear, and solar power can only achieve so much market penetration before (expensive) energy storage and transmission become necessary. This is because nuclear power "requires less maintenance and is designed to operate for longer stretches before refueling" while solar power is in a constant state of refueling and is limited by a lack of fuel that requires a backup power source that works on a larger scale.

In the United States, nuclear power faces competition from the low natural gas prices in North America. Former Exelon CEO John Rowe said in 2012 that new nuclear plants in the United States "don’t make any sense right now" and won't be economic as long as the natural gas surplus persists.

The price of new plants in China is lower than in the Western world)""

End of quotation.

 

[Kelpie]

Why is the ACCC sitting on their hands, doing surveys & getting paid big wages & doing nothing to correct this situation it’s like petrol the price per barrel hasn’t gone up but petrol is set to rise over Christmas it’s a rip off

Yes you are correct. But what you seem to forget is that for every cent extra they get in levies and GST it will bring them hundteds of millions of dollars and there is no way that they would voluntarily relinquish that. It is just like owning a golden milking cow for them. Period.!!
And don't foirget the extra Taxes they will be able to collect from the extra profits too.
Charging GST on taxed already taxed prices is a double tax which is illegitimate and against the Taxation Laws and the Constitution but they wtill get away from that too.
In this instance it might even be a three times taxed. Because you are already taxed on the fuel levies, than you are taxed on higher price with a GST on a Tax on Tax. And then, to top it all off, we have the service station owners getting taxed and the fuel company depots owners which pick up and deliver the fuels to the service stations getting taxed as well and finally the Fuel company itself getting taxed on their profits too.
Now tell me as to why you would think that the Government would look at reducing the fuel prices..
Confusing and head scratching isn't it.?