Record low: Mojo Power cuts rates to 30% off Reference Price

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In a move that’s sure to make Sydneysiders lick their lips, Mojo Power has cut its rates to an unprecedented low of 30% off the Reference Price with its ‘All Day Breakfast’ energy plan.

Cooking up a storm since its re-emergence as a serious energy force this year, Mojo Power has slashed prices across New South Wales, most notably on the Ausgrid electricity network in Sydney where its rate-cut to 30% off represents the greatest savings compared to the default tariff for close to a year.

It’s a similar story in Queensland where Mojo Power and others have reached 26% below the Reference Price.

Mojo Power Managing Director, Warren Murphy, said he wants people to experience the ‘Mojo Power way’.

He said: “There has been an enormous amount of work in the past few years to get our positioning right and Mojo Power is now in a period of growth. As a small retailer with a very experienced team, we’re agile and can move quickly to meet the market.

“Moreover, we’re sourcing wholesale renewable energy deals that help bring the price down.”

The All Day Breakfast plan is now the cheapest electricity deal for Sydney on Canstar Blue’s database at the time of publication. It’s also one of the cheapest for all other network areas, with the latest price reduction applying in Queensland as well.

Here’s a summary of savings off the Reference Price you can expect with the All Day Breakfast plan from Mojo Power:

  • 30% on Ausgrid (Sydney, Newcastle etc.)
  • 27% on Endeavour (Wollongong, South Coast etc.)
  • 25% on Essential (Rural NSW, Coffs Harbour etc.)
  • 26% on Energex (South-east Queensland)

According to Mr Murphy, the ‘All Day Breakfast’ plan is inspired by the shifting ideas of what defines morning time.

“We work remotely, we have flexible hours, we’re connected by wanting things to be more fluid.  Clearly this trend has been accelerated by the effects of COVID-19,” he said.

“Mojo All Day Breakfast is a single rate residential electricity plan. That means the same low rate any time of the day. Simple to understand, no setting appliances at off-peak times. Simply put, you can use electricity to suit your lifestyle not when the networks want you to use it.

“Best of all, there’s no bill shock as the plan comes with a smart meter. That means actual monthly billing, no guesstimates and you can view your usage and set notifications through our mobile app.”

Mojo Power All Day Breakfast Price NSW

Here is the Mojo Power All Day Breakfast plan on our database for NSW. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Mojo Power All Day Breakfast Price QLD

Here is the Mojo Power All Day Breakfast plan on our database for SE QLD. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Intense competition in NSW and QLD

The savings off the default tariffs across the three electricity networks in NSW and QLD have reached record highs, with Canstar Blue data revealing that, since October 2019, the gap between the cheapest market offers and Reference Price has never been greater.

The Reference Price was introduced as part of sweeping industry reforms in July 2019. It is updated annually to reflect market conditions and acts as a price cap for customers who do not engage in the market, while also serving as a reference point from which all market offers can be compared.

In the past month we’ve seen retailers such as Origin, OVO Energy, ReAmped Energy and Enova Energy all slash prices in a scramble to the top of comparison tables.

Canstar Blue Editor-in-Chief, Simon Downes, has praised small retailers such as Mojo Power for playing their part in easing the cost of energy for Aussie households.

“It’s great to see providers cutting costs and creating more competition in these states, because that means cheaper prices for you, the consumer. We’re seeing savings off the Reference Price hit 30% for the first time in almost a year, which is great news at a time of financial uncertainty for many people.

“The energy industry reforms that occurred in July 2019 created lots of confusion for consumers and challenges for retailers. But the end result – also thanks to favourable wholesale conditions – has been unprecedented retail competition and more and more opportunities for households to save.”

NSW Power Prices Compared

The table below shows energy prices across the three distribution networks in NSW.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Endeavour Energy network in Wollongong but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Essential Energy network in Coffs Harbour but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Image credits: Pixel-Shot/shutterstock.com

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