Even energy-conscious consumers who have reduced their power usage are being slugged with higher bills thanks to rising fixed daily charges.
"We're seeing a lot of reforms happening in the energy market, a lot of pressure on retailers and they need to recover their costs through bills," AEC chief executive Sarah McNamara said.
For much of the east coast, the energy regulator sets a default market offer , which acts like a fall-back plan for customers who have not actively chosen a retailer.The DMO usually acts like a price ceiling and retailers compete for customers by offering deals cheaper than that. However, now, some electricity retailers are offering plans that are more expensive than the default market offer."But it is a market that is struggling with its own resilience in an environment of rising costs and shrinking margins as well."
In a remarkable move, a number of small electricity companies have told their customers to go elsewhere, or face a huge hike in their power bills.It is not profitable for some to continue to service customers and four small companies have already collapsed."That means there's less opportunity to shop around and find cheaper electricity prices."
The competition watchdog is monitoring retailer pricing and will provide an update to energy ministers later this month.
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