Deregulation brings competitive electricity pricing to South-East Queensland

South-East Queensland electricity users are set to have access to a wider range of innovative products and deals as a result of the deregulation of the retail electricity market, which comes into effect today. 

Minister for Energy Mark Bailey said the new reforms coincide with the release of the Australian Energy Market Commission’s third annual review of competition in retail electricity and gas markets in Queensland and other states and territories.

“The review found that competition continues to be effective in South East Queensland’s retail electricity market,” Mr Bailey said.

“As a result of retailers offering South East Queensland customers a greater range of contract options, customers are experiencing increased satisfaction, greater choice and competitive retail prices.

“The deregulation of South East Queensland’s market will further bolster competition, and electricity customers will soon have access to a wider range of innovative electricity products and deals.

“Previously, electricity pricing had been based on a one size fits all approach, meaning that customers were not able to access benefits associated with their specific circumstances.

“Households will now be able to access products and packages which are more tailored to meet their individual needs and the way they use and consume energy.

“I encourage South East Queenslanders to regularly shop around for a better electricity deal.

Mr Bailey said mechanisms have also been put in place to ensure particularly vulnerable customers are protected in the deregulated electricity market.

“The Palaszczuk Government will roll out a consumer education campaign this month to ensure customers in South East Queensland have the knowledge they need to properly engage with the deregulated retail market.

“I will also direct the Queensland Competition Authority to monitor the market to ensure it remains competitive and produce an annual report so customers and stakeholders can track the progress of deregulation over time. We will also be monitoring to ensure vulnerable customers are benefiting from deregulation”.

Mr Bailey said regional Queensland would continue to be looked after with the continuation of subsidies.

“We’ve committed more than $560 million to subsidise regional Queensland electricity prices this financial year, to ensure that customers across regional Queensland pay a similar amount for their electricity to those in South East Queensland,” he said.

“These subsidies are important to households in regional Queensland because the Palaszczuk Government knows the importance of ensuring a family in say Townsville, Cairns or Mount Isa pay a similar amount for their electricity than a household in Brisbane.”

To compare deals and secure the best electricity offer visit the independent price comparator website EnergyMadeEasy -www.energymadeeasy.gov.au. 

ENDS

Media contact: Anna Jabour 0429 890 942