The CBA-backed company will pay out millions of dollars in refunds to mitigate the sky-high bills of customers who have been paying wholesale energy prices.
Commonwealth Bank-backed energy disruptor Amber Electric will pay out millions of dollars in refunds because of the unprecedented period of high wholesale electricity prices., have also prompted the company to temporarily stop taking on new customers who do not own their own solar panels or battery.
“We have had a small percentage of customers leave, more than a normal month, which is disappointing but understandable, and from what we hear, they will come back when wholesale prices drop again.”Co-founded by Mr Thompson and his friend and former Boston Consulting Group colleague Dan Adams, the company launched publicly in late 2019. It promised to help Australians save money by providing access toTech-savvy customers, Giant Leap and Black Sheep Capital.
“In my first month, my bill was almost nothing … but the 4¢ per kwh period fell apart after one month,” he said. About 10 per cent of customers also have battery storage, meaning they can store power and use it during peak times, but that leaves at least 45 per cent of Amber’s 15,000 customers with no way to offset the price surge.These customers are protected against spikes in wholesale prices because of a commitment from Amber to credit them the difference between what they have paid and the default market offer in each state or territory over a 12-month period.
“We think these sorts of events – hopefully to a lesser degree – will keep happening, and we need to bring on as many solar panels and batteries as possible. We are doubling down on that focus.”To deal with AEMO’s decision last week, the Amber team built new features within 10 hours to account for the suspended energy market.
“It’s not Amber’s fault, they’re delivering on what they said they’d do, it’s just a big increase. [It] has highlighted that I need a battery system to help smooth out the price spikes.”
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