A power company better known for its cheeky antics and low rates has increased its prices for new customers in New South Wales and south-east Queensland due to rising wholesale costs.
ReAmped Energy claims unstable market conditions have led to rate rises on its three market offers by up to 21 per cent, depending on plan and location. This means customers who sign up won’t be offered its famous low rates, and will have to settle for less-competitive prices.
A recent surge in wholesale electricity prices has resulted in retailers paying more for energy, and in turn, has driven up costs for households, ReAmped Energy told Canstar Blue in a statement.
ReAmped Energy said: “Wholesale energy prices have been rising in recent months and we’ve held off as long as we could in updating our rates to reflect the changing market conditions. We’ve been proud to be at the forefront of energy price competition in Australia since we launched back in 2018, but like other retailers, we’re impacted by the challenging market conditions now being seen in Queensland and New South Wales in particular.
“Demand for energy has increased across the globe as the COVID recovery continues. Together with the conflict in Ukraine and the impacts of inflation, we are now seeing more challenging conditions in the local wholesale market. We do not expect to see the kind of price increases that some European countries are facing due to the increased cost of gas, but we’re not immune from the global pressures this has helped create.”
ReAmped hinted that it expects other retailers to follow suit with price increases in the weeks and months ahead as the whole market adjusts to the changing wholesale conditions.
The three deals on offer in NSW and QLD – Advance, Handshake and Classic – still come with zero exit fees as well as no lock-in contracts. On ReAmped’s cheapest plan, Advance, customers will need to commit to a fortnightly billing cycle that’s paid in advance.
ReAmped Energy Prices
Here are the ReAmped Energy plans on our database for NSW. These are products from a referral partner†. 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 the ReAmped Energy plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/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 the ReAmped Energy plans on our database for SE QLD. These are products from a referral partner†. 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.
Here are the ReAmped plans on our database for South Australia. These are products from a referral partner†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/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.
Existing customers: ‘A change in our rates may be unavoidable in the future’
ReAmped Energy explained that the provider will contact existing customers if its prices are to change. The power company also noted in its statement to Canstar Blue that it will try its best to mitigate any future price hikes for consumers.
“We know Australians are starting to feel the effects of inflation, so we are doing everything we can to limit the impact of rising wholesale energy prices for existing customers. A change in our rates may be unavoidable in the future, however we will continue to monitor the market conditions closely.
“As a small but growing retailer, we are nimbler than most and hope to resume our position as a price leader in the market in the near future.”
How much have ReAmped Energy’s prices increased by?
Below are the plan details and price changes recently made by ReAmped Energy. Keep in mind these are for specific electricity distribution networks, and price changes may differ in other areas of NSW. It’s important to note that these price changes will only affect new customers signing up to ReAmped Energy on a single rate tariff, and existing customers should be notified of any impending rate changes.
ReAmped’s Price Changes in NSW
| Electricity Plan | Annual Estimated Price Before | Annual Estimated Price After | Annual Price Increase |
|---|---|---|---|
| Advance | $1,058 24% less than Reference Price |
$1,233 12% less than Reference Price |
$175 (16.54%) |
| Handshake | $1,081 22% less than Reference Price |
$1,275 8% less than Reference Price |
$194 (17.95%) |
| Classic | $,1087 22% less than Reference Price |
$1,317 5% less than Reference Price |
$230 (21.16%) |
Prices assume general usage of 3900kWh/year for a residential customer on a single rate tariff in Sydney on the Ausgrid network. Estimated annual price includes any conditional discounts that may be available. Accurate as of April 2022.
ReAmped’s Price Changes in QLD
| Electricity Plan | Annual Estimated Price Before | Annual Estimated Price After | Annual Price Increase |
|---|---|---|---|
| Advance | $1,176 19% less than Reference Price |
$1,328 9% less than Reference Price |
$152 (12.93%) |
| Handshake | $1,212 17% less than Reference Price |
$1,379 5% less than Reference Price |
$167 (13.78%) |
| Classic | $1,243 15% less than Reference Price |
$1,431 2% less than Reference Price |
$188 (15.12%) |
Prices assume general usage of 4600kWh/year for a residential customer on a single rate tariff in Brisbane on the Energex network. Estimated annual price includes any conditional discounts that may be available. Accurate as of April 2022.
Cheap Energy Deals
Click on each state below to see electricity prices from some of the cheapest providers in NSW, VIC, QLD and SA. Be sure to use our free comparison tool for specific quotes available in your area.
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 3911kWh/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 Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/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 Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4613kWh/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 SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4011kWh/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.
Can customers avoid rising energy prices?
With household energy bills expected to rise over the coming months, there are a few ways for customers to reduce costs, the extent of which will depend on how proactive they are, Canstar Blue’s Energy Editor, Jared Mullane, noted.
“The lead up to winter can be an anxious period for Australians, particularly for households that use more energy this time of year,” Mr Mullane said.
“Seasonal increases to energy use are not unusual by any means, however the added costs of rising electricity prices does create a scenario where consumers can experience bill shock. That’s why it may be worth looking into a provider that offers fixed rate plans or getting into the habit of comparing the cheapest deals every time a bill rolls around.
“Always look over the fine print before signing up, and keep in mind that your provider should always notify you if your rates are going to change. Thankfully if this occurs, exit fees are generally a thing of the past and you shouldn’t be charged if you decide to leave in the future.”
Image credit: Kusalodom/Shutterstock.com
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