Simply Energy has revealed a significant cut in electricity prices for customers in Queensland, but the news isn’t so good for those in other areas.
The retailer, which launched in the Brisbane area following the removal of price regulations in 2016, has a reputation for offering large discounts and other sign-up incentives, including movie tickets and welcome credit. It also has specific plans targeted at AFL fans and RACQ members.
Ahead of the annual price change cycle in Queensland, New South Wales and South Australia, Simply Energy has announced a 5.4% cut in electricity prices for households in the Brisbane area, applied across all product offerings.
In South Australia, Simply Energy has announced a modest 0.5% reduction in electricity prices, while rates in NSW are frozen.
Natural gas customers in NSW can expect a 3% drop in prices, while rates will remain the same in South Australia.
The changes will take effect from August, the retailer says.
“We understand that the price of energy is front of mind for Australians, so we’re pleased to be able to deliver these reductions,” said Simply Energy Chief Executive Officer, Carly Wishart.
“This is despite increases to network charges in South Australia and higher renewable generation costs.
“We encourage competition and for Australians to compare their energy plans to ensure they get are getting the best deal possible for their energy.”
Canstar Blue Editor Simon Downes said: “Price reductions always sound good, but remember that not all retailers are changing the same base prices, so there could still be a big difference between them.
“Most retailers should be cutting rates in New South Wales, South Australia and Queensland this July, so take the time to compare plans and make the best of the situation.”
For small business customers, Simply Energy is cutting electricity prices by 8.5% in Queensland and 1.4% in South Australia. Rates will go unchanged in NSW.
Small business gas customers in NSW can expect a reduction of 4%, while rates will remain the same in SA.
Some further power price relief for households & small businesses in Qld, SA & NSW, this time from @simplyenergy. Adds to recent announcements from @originenergy, @aglenergy, @EnergyAustralia & Red #Energy.
— Josh Frydenberg (@JoshFrydenberg) June 20, 2018
What about other retailers?
Simply Energy’s announcement comes a week after Australia’s three biggest gas and electricity retailers – Origin, AGL and EnergyAustralia – revealed their tariff changes to take effect from July.
Origin electricity customers in Queensland can expect the retailer’s base rates to drop by 1.3%, while those in South Australia will see a 1% cut. There will be no change to prices in New South Wales.
Natural gas customers in NSW can expect a price reduction of 3%, while those in the other states will see rates stay the same.
AGL is cutting standard electricity prices in Queensland by 1.6%, while rates are set to drop by 0.4% in South Australia and 0.3% in NSW.
While gas prices remain unchanged in QLD, customers in SA can expect an increase of 2.1% and those in NSW will see costs go up by 1.8%.
For EnergyAustralia customers, those in Queensland and on the retailer’s new fixed rate Secure Saver plan in NSW are the biggest winners, with rate drops of 3% or more.
However, residential customers on other EnergyAustralia products in NSW will see a price reduction of just 0.2%, and there is no relief for customers in South Australia where prices will remain unchanged.
Natural gas prices will remain the same across all states.