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Melbourne, March 15: Households in regional NSW will be among the hardest hit by increased energy bills in 2023 according to leading personal finance marketplace Compare Club, after today’s draft energy Default Market Offer (DMO) was published by the industry regulator.
The Australian Energy Regulator (AER) announced that residential customers on standard retail plans could face price increases of around 19.5 per cent to 23.7 per cent.
However, analysis of current market pricing by Compare Club suggests that households could save up to $613 by switching energy providers in advance of July 1, given that some retailers have already increased their prices in advance of today’s DMO announcement.
|Area||Annual increase from 1 July||Current annual savings for a DMO household who switched today|
|Western Sydney & Blue Mountains (Endeavour)||$383||$320|
|Regional NSW (Essential)||$463||$279*|
From July 1st Energy prices in Sydney are set to increase by $335, Brisbane & Gold Coast bills by $321, and Adelaide by $401. However, it’s regional and rural NSW that will be hardest hit with the average household seeing annual increases of up to $463.
“This is an almost unprecedented price hike for households across New South Wales, South East Queensland and South Australia that will put further stress on family finances,” General Manager of Utilities at Compare Club, Paul Coughran said.
“Our analysis of the energy market suggests that some retailers have moved to raise prices even in advance of today’s announcement, with some energy bills in Regional NSW already $334 above today’s reference price.
“But there is some good news. We’re starting to see some retailers offering substantial discounts for new customers. A customer on the most expensive energy plan in regional NSW could save $613 by switching today, while Sydneysiders could save up to $222.”
Compare Club analysed the current offers available in the market and found plans that are up to 17 per cent lower than today’s DMO, meaning customers who switch today would already save up to $320.
To learn more about the upcoming changes to the Energy Default Market Offer and how Compare Club can help consumers save money on their energy bills, go here.
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