Tango Energy has issued a warning to some of its New South Wales customers of incoming significant price hikes to their bills.
The retailer issued a statement via email to some NSW customers whose fixed rates were ending, announcing that their rates would soon be rising drastically in order to combat increases to its wholesale and operational costs.
In a letter shared with Canstar Blue, an electricity price hike of over $1,100 annually was estimated for one Tango Energy customer in NSW. This was predicted to be 30% more than the reference price for the area.
Tango Energy nodded to the ongoing wholesale pricing volatility as the cause for the price jump. A Tango Energy Representative said:
“At Tango Energy, we’ve been known for offering consistently low energy rates to customers. While we can’t comment on the specifics of our customers’ accounts, it is important to highlight that a very large number of Tango customers have benefited from being on a fixed price period, and have not had an increase to their energy prices for longer than 12 months.
“Unfortunately, as a result of significant market volatility in 2022, customers in NSW who are outside of their fixed rate price period have had their prices adjusted. Some of these increases have been significant, and we certainly acknowledge the difficulties that this may cause.
“Importantly, early 2023 has seen a softening of the wholesale electricity prices in NSW. Any price adjustments that we are currently considering for customers will be based on the comparatively lower wholesale prices we are experiencing, as opposed to the more extreme prices that we were exposed to during late 2022. (Noting of course that in the volatile energy market environment, this may change further, either up or down).”
It’s the first ‘major’ move the retailer has made since the beginning of the wholesale energy market mayhem, aside from removing its cheaper market offers from its product line-up to new customers in NSW, south-east Queensland and South Australia. This occurred about six months ago, according to Canstar Blue’s historic price changes report.
And while the retailer did significantly increase its rates at the same time for Victorian customers, it has maintained a strong presence in the south, and even since come back to play in the market with one of the more competitive electricity offers currently available in the Melbourne area.
Any Tango Energy customers who are concerned that their rates may be increasing significantly should get in touch with the retailer.
There may also be a notice displayed on their most recent bill or an announcement sent to their nominated email address.
If you have any concerns regarding your Tango Energy account, it is best to contact the provider directly.
The news comes as several retailers tell their gas customers in Victoria to brace for significant price hikes.
Looking for a better electricity deal? Check out some of the cheapest plans in each state
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.
My retailer is increasing my energy rates, what should I do?
If you’ve just received a notice to say your energy rates will be increasing – and significantly – then don’t bury your head in the sand! This may have just served as the perfect reminder to compare prices from other providers in your area to ensure you are still getting top notch rates on your electricity or natural gas plan.
Our free comparison tool shows single-rate tariff plans from more than 20 energy providers across the country, allowing you to sort by price, our unique Value Rank and brand customer satisfaction. And all you need is your postcode!
Or, for those who prefer a little more detail, our Bill Drop feature allows you to upload a copy of your most recent energy bill to receive a tailored comparison based on your unique energy usage data.
If you are seriously concerned about affording your next energy bill, then it is best to contact your provider directly to see if you can receive any additional support, such as being put in an energy hardship program, or placed on a payment plan.
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