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There’s a lot that goes on behind the scenes in the world of electricity. To ensure your lights turn on every day, retailers like us must pay underlying costs that make powering your site possible.
Every year in July a number of the key costs that make up the energy supply chain are reviewed.
While we hope this means we can reduce your prices, sometimes market conditions will result in an increase. The specific effect this has on your bill depends on your usage, network region, and whether you have solar PV.
This year the regulator has increased the flat Default Market offer by 5-18.5% depending on your state and network.
These are the main underlying costs that make up energy prices and can cause power prices to change:
The results of these changes can be seen in the chart below from the Australian Energy Regulator (DMO 3 = FY21/22, DMO 4 = FY22/23):
We’ll always give you the lowest prices we can
While annual price changes are an unavoidable part of our industry, we always strive to pass on any costs savings where we can.
Please remember that we don’t profit when you use power, so our interests are aligned with yours in driving down costs.
The longer-term outlook
Based on the data we see in the market, it doesn’t look like the current high wholesale power prices will reduce anytime soon. When we purchase energy for the subsequent financial year, if we can get it cheaper then we will pass on those savings to our customers.
Policy fixes
Speaking very frankly, Australia has meandered along without a coherent national energy policy for too long. Putting one in place would be a really, really good idea. It’s not surprising that coal power stations are breaking down: the owners of them had little incentive to keep upgrading them without long-term policy uncertainty.
Other things that we believe will help include: