Competition should drive power prices down

THIS week's removal of retail electricity price regulation should benefit NSW households and businesses via greater competion and choice in the State's electricity market.

Coffs Harbour MP Andrew Fraser said the Government's decision, first announced on 7 April 2014 and which came into force on July 1, will fully empower NSW customers to take control of their electricity bills and place downward pressure on the cost of living.

"Under this historic reform, customers will be placed firmly in the driving seat and will reap the rewards as competition brings more retailers into NSW that will offer better deals to secure and retain their business," Mr Fraser said.

It is estimated around 65% of NSW households and small businesses, or around 2 million customers, have already made the switch from a regulated electricity contract to a competitive market contract in recent years.

"This includes some 165,000 who have made the switch since the Government first announced its reform," Mr Fraser said.

"Now the remaining 35% of customers can choose what is best for them and take control of their electricity bills."

"From today those customers who have not switched over to a competitive market deal will automatically be transferred to a 'transitional tariff'."

"For most households on a transitional tariff their bill will now be 1.5% lower in 2014/15 compared to the 2013/14 regulated price. However, many market offers may be even cheaper."

"This means that for the first time in 15 years NSW electricity customers who were still on the regulated price before today will see a reduction on their bill."

Mr Fraser said the removal of retail electricity price regulation will not change access to energy rebates, protection laws or the quality of customers' electricity supply," Mr Fraser said.

"I urge households and small businesses to shop around for the best deal out there. Make a free comparison on the Australian Energy Regulator's website at http://www.energymadeeasy.gov.au.



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