The energy industry welcomes the introduction of a comparison tool that makes it easier to assess energy deals in the market.
The Australian Energy Council's Chief Executive Sarah McNamara said that "the industry understands many customers have found choosing a new energy deal challenging and the range of deals confusing.
"From today every offer in SA, NSW, and southeast Queensland will be compared against an independent benchmark called a Reference Bill. Customers will be able to rate the value of a new offer by the size of the discount against the Reference Bill - the higher the discount, the more you will save.
"In Victoria, every discounted offer will be compared against the Victorian Default Offer, and customers can expect their retailer to clearly explain what the new offer will mean to them.
"These changes represent a huge shift in the way consumers can compare offers. Switching shouldn't be a chore, and with the new comparison tools available, picking a new offer and saving some money should be a quick and painless exercise.
"But market offers available today remain cheaper than the Default Market Offer or the Victorian Default Offer. Research released today shows that a quarter of customers believe the new regulated prices will make their bills cheaper, but these offers will only apply to the 1 in 9 customers currently on standing offers.
"We encourage all customers to go to the government's EnergyMadeEasy website (https://www.energymadeeasy.gov.au/) or its Victorian equivalent (https://compare.energy.vic.gov.au/) to help find a cheaper deal."
About the Australian Energy Council
The Council represents 23 major electricity and downstream natural gas businesses operating in competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia and sell gas and electricity to over 10 million homes and businesses.
