‘We just want to be cheapest’: ReAmped Energy cuts rates as QLD price war rages

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An energy newcomer has once again cut its rates to ensure it remains the cheapest deal in town as Queensland’s electricity price war takes another unexpected twist.

ReAmped Energy is the latest retailer in the Sunshine State to reduce the cost of its flagship offer, delivering an incredible 19% off the QLD Reference Price, making it the cheapest deal on Canstar Blue’s database at the time of writing.

It comes on the back of recently improved offers from the likes of Click Energy, OVO Energy and LPE which have all reduced their prices to 17% or 18% off the annual Reference Price in the last few weeks to temporarily trump ReAmped Energy, which is also one of the cheapest retailers in New South Wales and South Australia.

The ‘ReAmped Handshake’ was first introduced to Queenslanders less than six months ago, boosting competition and paving the way for other new providers to follow suit with budget-busting deals.

ReAmped Energy Acting CEO, Luke Blincoe, said the deal comes with low prices on the proviso that customers stick with the retailer for a year, despite it carrying no exit fees as well as being a no-lock in contract.

“The ReAmped Handshake plan is designed to be the best value plan we offer. Our goal is to have this plan leading Energy Made Easy and of course, Canstar Blue’s list of prices too,” Mr Blincoe said.

“The Handshake plan is a new thing for the energy market. With this we give customers a better price, in exchange for agreeing to stick with us for a year – but there are still no lock-in contracts or break fees. We just take people on their word! We actually think this is the way that Aussies would like to be treated by their power company. With trust and respect.”

Mr Blincoe also stated that ReAmped Energy, which acts as an online-only retailer, isn’t just about offering Queenslanders a fair deal, but providing quality customer service during these challenging times.

“We know that, as a new retailer, we need to offer Aussies great value as well as great service, and I’m proud to say our Brisbane based service team are now all working from home – and our service is as good as ever with wait times around five seconds,” he said.

Canstar Blue Editor-in Chief, Simon Downes, said this latest move from ReAmped Energy is evidence that retail competition is a good thing for consumers, as long as they shop around and switch when better deals become available.

“This is genuinely the most significant price war we’ve seen in south east Queensland, and it’s great to see the smaller guys like ReAmped Energy punching above their weight,” Mr Downes said.

He added: “As the industry still adapts to regulatory changes from 2019, ReAmped has taken the approach of many retailers who’ve turned to cheaper usage rates rather than flashy discounts or sign-up credits.

“Retailers are working out ways to reduce their overheads and focus on providing the best value they possibly can. It’s incredibly refreshing to see a retailer like ReAmped Energy setting its stall out as wanting to offer the cheapest rates around.”

The ReAmped Handshake plan comes with variable rates, monthly billing frequency and a modest 8c/kWh feed-in tariff for solar customers.

QLD Electricity Prices

Here are some sponsored deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from our 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 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. 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 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. 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. The next three tabs feature products exclusively from AGL, EnergyAustralia and Origin.

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