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Today IPART released its Draft Report on the performance and competitiveness of the retail energy markets in NSW 2020-21
Customers that remain on standing offers are paying too much when they could move to a better plan and save more than $300 a year for electricity and $350 for gas. To get a better deal, customers should compare offers on the government run EnergyMadeEasy website.
IPART found that COVID-19 lockdown restrictions have meant that residential customers staying at home are using more energy so bills have increased. However, the underlying retail electricity prices have fallen to their lowest levels since 2015-16. The latest price reductions have been brought about by falling wholesale prices with the influx of rooftop solar systems.
We also found that retailers are increasingly competing for customers. There are now 40 retailers in the market (15 more than two years ago), and a range of innovative and non-price incentives are being offered to further attract customers.
We are seeking feedback on our Draft Report by 5 November 2021.
Best Regards,
IPART Energy Team
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