Energy retailer ReAmped Energy has urged its 70,000 customers on Australia’s east coast to find another supplier or face their power bills doubling from July 1.Australian Energy Retailer chairwoman Clare Savage has already warnedReAmped Energy’s chief Luke Blincoe said: ‘To be true to our brand and be transparent we have to be totally upfront’.ReAmped Energy emailed its 70,000 customers in NSW, Queensland, Victoria, South Australia and Tasmania on Tuesday telling them to shop elsewhere.
Mr Blincoe said it would most likely be two years before they started recruiting for new customers again in Australia. Their New Zealand brand, Electric Kiwi – which has 90,000 customers – would help keep them afloat until wholesale prices came down in Australia. Wholesale prices are not nearly as high across the Tasman.The ReAmped boss said he wasn’t sure how many of their customers would be hanging around for wholesale prices – which– to drop.
Earlier this month, LPE, which has about 20,000 customers in Queensland, and Discover Energy in NSW and Victoria warned their rates would double from June 1. LPE also warned their customers to find another retailer.It comes as the Queensland Competition Authority on Tuesday announced its regulated power prices for regional Queensland would increase by 9.2 per cent for the average residential household next financial year.
Just need to allocate enough (20% more maybe) of our gas supply to domestic use. Thisnis done in WA. Hashed out in public back in 2016/17 when energy prices crippled manufacturing.
Power prices going up? How does the price of wind and sunshine go up? Thanks Tony Abbott.
I reckon we might need to see legislated price controls adopted. If retailers are doubling prices, this potentially indicates market failure. For a country like Australia to have high energy prices is ridiculous. TI
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