Energy price: Budget providers fighting for title of cheapest energy deal

A price war between budget energy providers is driving down electricity prices in Queensland, according to exclusive new data that has left experts astonished. SEE THE CHEAPEST PROVIDER

‘THE BIGGEST energy price war we’ve ever seen” is under way in Queensland, with emerging companies consistently lowering rates in a battle for the title of state’s cheapest energy deal.

Brisbane energy provider ReAmped Energy this week again lowered rates on its handshake plan, just a month after competitively priced British Budget energy provider OVO Energy began operating in Queensland.

ReAmped energy now offers a rate 19 per cent to 21 per cent below the default price on the Queensland Energex network on May 4, according to Canstar Blue data.

It was a move that Canstar Blue editor-in-chief Simon Downes described as astonishing.

“(The) energy company continues to cut its rates every time another comes close to beating it,” Mr Downes said.

“ReAmped Energy has already had more of an influence of driving down electricity prices in New South Wales and Queensland than any other retailer we’ve seen.

“This is the type of competition that the deregulation of the markets was designed to achieve.”

Canstar Blue editor-in-chief Simon Downes

The self-proclaimed “affordable” energy provider operates with the goal of “lead(ing) the government price list” and cites its online-only business model as its primary cost-cutting method.

ReAmped’s May rates slash follows the emergence of other similarly priced competitors, such as Click Energy, Mojo Power and the aforementioned OVO Energy.

“It’s the biggest energy price war we’ve ever seen,” Mr Downes said.

Mr Downes said the emerging smorgasbord of discount providers would provide a negotiating chance for everyday Queenslanders.

“Even if you don’t switch to the company yourself, you can at least use its pricing to negotiate a better deal with your current provider,” he said.

But Mr Downes warned that the continual rate cuts may not be passed on to existing customers, reminding Queenslanders negotiation was the key to saving.

“There’s nothing stopping you from contacting the company and insisting you also get the new rates,” he said.

A breakdown of Queensland energy prices is availabe here, courtesy of Canstar Blue.