Media Release

28 November 2017

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A new report has confirmed that more than 735,000 people in NSW are paying too much for electricity.

Customers could save up to $556 a year just by changing electricity retailer.

These facts are contained in the Australian Energy Regulator’s Annual Report on Compliance & Performance of the Retail Energy Market 2016-17.

Labor Leader in the Legislative Council and Shadow Energy Minister, Adam Searle MLC said that the report showed that 22 percent of customers were paying way more than they should because they are still on standard retail contracts.

The total amount that NSW consumers could save is between $300 million and $400 million.

Competition was supposed to save people money, but these shocking figures demonstrate that it is not working.

The NSW Government’s deregulation is benefiting the big energy companies not families, other householders and small businesses.

The report also shows that over the past 12 months, New South Wales had the largest electricity price increases at 10.6 per cent to $1419, or up 13.5 per cent for concession customers to $1144.

This is before the 15-20 per cent increases put in place by the big three energy retailers from 1 July this year.

Labor Leader in the Legislative Council and Shadow Minister for Energy Adam Searle today said:

“Now it is clear beyond any argument – NSW consumers are paying hundreds of millions more than they should for electricity. But still the Berejiklian Government does nothing.

“It is now time for the NSW Government to step in and re-regulate the retail electricity market to protect consumers.

“Under the deregulated system put in place by the Liberals and Nationals, the electricity companies are profiteering at the expense of consumers – many of whom may not understand the system and the fact that they are being ripped off.

“What the community does know is that it is paying too much and the Berejiklian Government has no plan to improve things.

“If Labor is elected to government in March 2019, we have a comprehensive plan to bring electricity prices back under control.”