Starting July 1, energy prices in South East Queensland have been deregulated. Energy market deregulation means customers will benefit from a more competitive energy market and a greater choice of electricity providers when it comes to their energy needs.
The deregulation of the Queensland electricity industry should encourage new players to the market, and allow providers to more effectively compete.
Electricity price deregulation will apply to the Energex distribution network area, which spans South East Queensland and includes the Gold Coast, Brisbane, Ipswich, and the Sunshine Coast.
What does deregulation mean?
Previously, a portion of your electricity bill was determined by an independent pricing regulator. Going forward, Energy deregulation means that South East Queensland’s electricity pricing will be determined by the retailers based on market forces, rather than by the Queensland Competition Authority.
Who will benefit from deregulation?
In the end, the winner will be you, the consumer. The result will be increased competition amongst retailers, leading to greater innovation and more customer choice.
This type of innovation is already being seen in the market, with Origin Energy introducing its Predictable Plan, which is Australia’s first fixed price electricity plan (our Fair Use Policy applies if your usage is excessive or unreasonable) to help remove bill shock and provide certainty for customers. In other words, you don’t have to worry about unexpected energy bills over summer and winter.
So what’s next for Queensland electricity customers?
South East Queenslanders should take advantage of new competition by checking your plan to make sure it reflects your household usage and needs. By providing your most recent bill and general household usage, you should be able to get great advice from your retailer on what plans, discounts and offers are available to you.