Canberra; home to Lake Burley Griffin, Parliament House, the Viking Clap… and now one of Australia’s cheapest electricity retailers. ReAmped Energy has launched in the nation’s capital, bringing its low-cost power plans to the people of the Australian Capital Territory (ACT).
An established provider in New South Wales, south east Queensland, South Australia and most recently, Victoria, ReAmped Energy has marketed itself as ‘taking on the big guys’, with electricity prices generally some of the cheapest across each state.
Customers in the ACT can now choose a power company that not only offers competitive rates but is also determined to beat its rivals, said ReAmped Energy CEO, Luke Blincoe.
“We’re stoked to announce that we now service the Australian Capital Territory and can give the community a taste of our independent and purpose-driven model,” he said.
“ReAmped Energy isn’t afraid to stand up to the big guys and cut through the confusion to ensure our prices outperform other retailers in the market.”
Its cheapest deal – Advance – features low usage and supply rates, provided customers are okay with being placed on a fortnightly or monthly instalment plan. In order to unlock these lower rates, customers are billed monthly or quarterly in advance.
Mr Blincoe added: “At ReAmped, we’ve focussed on reducing our costs by investing in technology. We’ve built our own tech, we’ve got fast online chat rather than traditional expensive call centres, because who likes to wait on hold. These cost reductions ensure that we can give our customers a better deal and great service.”
According to its website, the independent provider is a digital business, meaning it interacts with its customers online via web chat, removing any costly overheads associated with call centres. ReAmped states it has more than 25,000 customers in NSW, Victoria, SE QLD and SA, with the ACT energy retail market now firmly in its sights.
Will ReAmped revamp the competition in Canberra?
With only a few residential electricity providers operating in the ACT, ReAmped Energy’s arrival pushes the number to 11 on the Evoenergy distribution network. Other retailers include ActewAGL, Origin, EnergyAustralia, Energy Locals, Red Energy, Simply Energy, Amber Electric, Powerclub, Radian Energy and Social Energy.
It’s great that consumers in the ACT now have more choice, however it’s still too early to determine whether ReAmped’s entrance will cause a stir among its competitors, said Canstar Blue Acting Editor-in-Chief, Megan Birot.
“While ActewAGL supplies the vast majority of residential customers in the region, ReAmped Energy will likely boost competition, but by how much and when, only time will tell,” she said.
“Luckily for households in Canberra, ReAmped Energy is usually one of the cheapest providers in Australia, and given its rapid growth since launching two years ago, more customers may take a chance on this lesser-known brand in search of lower prices.
“Although cheap energy costs will be enough to win many over, just be aware that these prices reflect an average household using a specific amount of power, so costs will vary between customers. That’s why it’s important to check out the usage and supply charges before signing up to a deal, this way bill-payers know exactly how much their base rates are going to be. Also, solar customers may not find the best value in ReAmped’s standard retail offers when it comes to securing a higher feed-in tariff.”
At the time of publication, ReAmped Energy is offering ACT residents a solar feed-in tariff (FiT) between 3 cents per kilowatt hour (c/kWh) and 7c/kWh for exporting power back into the grid. However, on its dedicated solar plan, customers can expect a boosted FiT rate of 13c/kWh for the first 5/kWh per day, dropping to 5c/kWh thereafter. Keep in mind that higher feed-in tariffs are available but may be subject to conditions, or may be hiding inflated rates.
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