ReAmped Energy urges customers to switch now or face rising power bills

ReAmped Energy has urged its own customers to act fast and switch to other providers’ electricity plans while good deals are still available, or risk seeing their bills as much as double by staying on its books.

A company once known for its low energy rates, ReAmped Energy told its 70,000-plus customers to switch and save elsewhere, as a volatile wholesale market gave retailers little choice other than to raise prices for consumers.

Skyrocketing wholesale electricity prices are expected to continue, which is why it was critical for households with ReAmped Energy to change providers before it was too late, Luke Blincoe, the company’s CEO, told Canstar Blue.

“This is an incredibly volatile time for the energy market,” Mr Blincoe said. “We know many Australian households are already facing cost of living pressures and we don’t want to contribute to this any more than needed, so we are in the unpleasant position of advising customers that they can get better prices with other providers, and they should seek them out as quickly as possible.

“Several retailers have already started to pull up the drawbridge so customers need to act fast to get themselves onto a better deal now before it’s too late. There are still a handful of competitive deals in market. No one really knows how bad it will get so we want people to act now.”

ReAmped Energy is the latest in a wave of retailers to fall victim to turbulent wholesale market conditions, with the likes of LPE, Discover Energy and Mojo Power also removing their plans from sale, or urging existing customers to switch.

Despite the uncertainty, ReAmped Energy said it planned to return to a “price-leading position” in the market in the future, but that for now its customers should take advantage of any cheap deals on offer.

“Our policy has always been to be honest with our customers,” Mr Blincoe said. “The truth is that the more customers we have, the higher our prices will need to go. By leaving you are helping yourself, while helping to protect those who remain with us because we have no choice but to pass on the wholesale costs we’re facing.”

This could mean of prices soon, he went on.

“We know this is the last thing you would have expected to hear from us, but we are being straight with you,” the CEO’s message to customers across New South Wales, Victoria, south-east Queensland, South Australia and the ACT said. 

“You joined us because you wanted cheap energy rates and we are confident we have delivered that for you. But things have changed dramatically and very quickly – and the best thing you can do now is switch and save as much as you can.”

Eye-watering wholesale prices have plagued the energy industry over the past 12 months, with the market operator revealing last month that costs had risen by 141 per cent from the previous year.

As highlighted by ReAmped, a timeframe for a wholesale market will recovery is unknown with several factors impacting the prices energy retailers such as ReAmped pay for energy. These include coal power plant outages, an increase in demand for grid electricity during peak times, as well as global implications caused by the pandemic and ongoing conflict in Ukraine and the pandemic.

ReAmped Energy entered the Australian energy market in 2019 with the proposition that it’d ‘lead price comparison websites and give consumers a genuinely good deal, with excellent online service’.

ReAmped Energy emphasised that the decision to advise customers to find a new provider did not mean the power company was going out of business, and that it would continue to operate for any customers who choose to stay.

Some of the cheapest energy deals available right now

Here are some of the cheapest electricity deals Aussies can sign up to right now. Please remember to check the fine print before switching and use our free comparison tool for a range of quotes specific to your area. Given the volatility currently sweeping the market, some of these deals may not be available tomorrow. Click on your state below to see a quick price comparison.

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 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 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 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 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.

Image credit: taniascamera/Shutterstock.com

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