Electricity Rates Are Increasing Approx. 25% in NSW and QLD. Fix with Nectr for 12 Months

Lwallo on 14/04/2022 - 11:21
Last edited 14/04/2022 - 12:01 by 1 other user

Moved to Forum: Original Link

Reason: Prices and Electricity rates were not provided when submitting this deal post. It has been moved to the forums to preserve discussion.

Residential electricity rates will be increasing approx. 25% in NSW and QLD due to large increases in wholesale rates.
Sources:
https://www.afr.com/companies/energy/households-set-for-high…
https://www.asxenergy.com.au/

Nectr is currently offering 100% carbon offset or greenpower plans fixed for 12 months at FY2022 prices.
There is no expiry on the offer, however I would expect they will be updating their rates soon as well.
Most other retailers only offer variable plans that can change with only a small notice period.

The flat rate plan in the Ausgrid network is 23% less than the reference price (which is what I just signed up to)
You can check prices for your network and tariff on the Nectr site or Energy Made Easy

http://nectr.com.au/
https://www.energymadeeasy.gov.au/

Please note these plans won't suit everyone - check Energy Made Easy to see which is best for you. Just note not very many retailers offer fixed pricing.

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Comments

  • ol mate on 14/04/2022 - 11:27
    +6

    25% in NSW and QLD due to large increases in wholesale rates

    Source?

    • ol mate on 14/04/2022 - 11:37
      +6

      In fact, the draft QCA determination of retail electricity prices for regional Queensland (SE Qld doesn't get determinations anymore, as it is a "competitive market" but generally does follow the regional Qld determination) only has a ~4.2% increase for T11, ~4.5% for T31 and ~6.5% for T33.

      Electricity wholesale prices are generally hedged on derivative products anyway, so there isn't really a large impact to retail customers (or they are "internally hedged" by electricity Generator-Retailers - those who are both buyers and sellers on the NEM)

      So I will reiterate again, source?

      Edit: Reading material for QCA determination

      • peter05 on 14/04/2022 - 11:44
        +1

        agreed, any significant changes would be buffered/hedged and trickle through slowly to the end consumer

        feels like sensationalist/fear mongering

        • wallo on 14/04/2022 - 11:48
          -2

          Use Energy Made Easy to find out your current retailers new rates :)

          Regional QLD rates are regulated. SE QLD is deregulated.

    • Diji1 on 14/04/2022 - 17:20
      +1

      According to ACCC there's been an average of 9% increase every year across the nation since the beginning of electricity privatisation in the utter failure.

      Well everywhere except Qld and NSW due to them not completely privatising. Now it's your turn to catch up to the rest the failure.

      • peter05 on 14/04/2022 - 19:59

        I am taking your statistic as being correct, however the conclusions drawn from them may not necessarily depict the whole story. The way you write your post implies that privatisation does not lead to lower pricing such as what "market theory" would suggest and therefore it was bad government policy to privatise the sector etc. I am not debating whether or not it is a good idea to privatise something that is an essential service, but the conclusion you have drawn.

        Market theory requires that all participants seek to maximise the value they receive from their dollar. On the one hand you have the prices being offered and incentives, and on the other hand you have the customers.

        The problem with utilities is that there are a great deal of customers that either can't or don't understand bills, pricing or some other aspect. This makes it difficult to make informed decisions, especially with the plethora of differing offers (see powership a few years ago), pricing tiers, payment structures and so on. This lead to decision overload/apathy and so you had one side of the equation not abiding by market theory. If you have customers that aren't or won't move to cheaper providers, then there is little/no incentive for providers to offer anything cheaper since doing so would just hurt their existing customer base revenue.

        I can only speak regarding the market situation in Victoria but the market has been legislated/cleaned up significantly in the last few years, with wording kept consistent and marketing materials "compared" to "standard" rates, rather than how much discount you receive etc. This change, along with incentives from the government to inform (marketing their comparison website) and educate (extra materials) has made it such that consumers can now be armed with information to perform their side of market functions.

        They have also provided other tools to monitor the "invisible costs", the powerpal devices, smart meters and such and along with the push for green energy and the general social movement to understand impacts on environment and your wallet in the solar/renewables sector has meant consumers in general are far more engaged with what electricity is, how it is billed and what a fair price is.

        I can say that for sure in the last few years and with high certainty that due to the reasons outlined above, pricing for energy has decreased as a result.

      • peter05 on 14/04/2022 - 20:36

        I would like to take your comments further and ask where the ACCC figure comes from and for which states it includes for that figure. The reason i am asking is because the NEM only includes SA, VIC, NSW, QLD and TAS. Based on the way you have worded your comment such that parts of QLD and NSW are not privatized, this leaves only VIC, TAS and SA in the metric provided by ACCC (without further information). This also appears a bit sensationalist in my opinion.

        Here you can see average per unit costs by state
        https://www.canstarblue.com.au/electricity/electricity-costs…
        State Average Electricity Usage Rates (per kWh)
        VIC 19.86c/kWh
        QLD 20.19c/kWh
        NSW 22.74c/kWh
        SA 31.59c/kWh

        And for Western Australia of which it has a mandated charge so doesn't have any competition
        https://www.synergy.net.au/Global/Synergy-Price-changes-2021

        2020 Price inc. GST 28.8229 cents per unit
        2021 Price inc. GST 29.3273 cents per unit

        Without further qualification of where your statistic came from and on what basis it was calculated its difficult to break down the figure to be more useful or provide more context around it. However I would suggest that the makeup of the power generation has a more significant role in the price per unit, rather than whether or not a private/public system is driving pricing up/down.

  • LuckyDrew on 14/04/2022 - 11:29
    +10

    Oh your title breaks all the rules.

  • MKBHD on 14/04/2022 - 11:31
    +4

    Member Since
    20/12/2013
    Statistics
    1 posts / 2 comments

    Wait, is that even possible?

    MKBHD on 14/04/2022 - 11:31 (Collapsed - Offtopic. Show)
    • Heaps for Cheaps on 14/04/2022 - 11:35
      +2

      Yes. Since joining he made 2 comments on users posts
      …And now has made his own post

  • wallo on 14/04/2022 - 11:36
    +5

    Sorry guys. Long time reader/user and first time poster.

    I work in the energy industry so thought I would share this tip. I am not in any way affiliated with Nectr

    Anyway, happy to take on suggestions on how to amend the post.

    • MKBHD on 14/04/2022 - 11:38
      +1

      Appreciate the response. I just joined ReAmped in Brisbane after being with Energy Australia for way too long. I switched to EA when cashback was like $100 but realised last month I was paying $50 more in my each bill after uploading my bill to a govt comparison website. Do you suggest to switch again to Nectr to lock in the rates?

      • wallo on 14/04/2022 - 11:39

        Check to see what Reamped's latest prices are

        • MKBHD on 14/04/2022 - 11:42

          My last 3 month bill with EA was $255. The comparison website said with ReAmped I would have only paid $200 for that bill.

          • wallo on 14/04/2022 - 11:47

            @MKBHD: when did you run the comparison? I was with Reamped and switched to Nectr because Reamped's prices are increasing.

            The rates for my specific tariff are going up 25%.
            https://www.energymadeeasy.gov.au/plan?id=REA307030MRE9&post…

            • MKBHD on 14/04/2022 - 11:49

              @wallo: Ran them 10 days ago.

              • wallo on 14/04/2022 - 11:57

                @MKBHD: Looks like Reamped updated their pricing on 12 April

            • omblygombly on 14/04/2022 - 11:52
              +1

              @wallo: I would have thought with the uptake of renewable energy, the prices would be coming down due to supply and demand. As your link shows, I am correct. We are actually paying more for the supply charge of gas than we are using gas. But will be moving reasonably soon so won't worry about it.

              Electricity bill is quite low as we have solar panels on the roof.

              • Diji1 on 14/04/2022 - 17:22

                @omblygombly: Prices are not driven by supply and demand, they're driven by how much the market can pay.

        • Brodo Faggins on 10/05/2022 - 19:28
          +2

          Got an email from them the other day.
          Here's a snippet of increase for my rates - try to use % increase, as the $ figure would differ for every person.
          Suburban Syd, no gas, no solar, cheapest entry level plan.

          https://files.ozbargain.com.au/upload/219427/95726/reamped.p…

    • LuckyDrew on 14/04/2022 - 11:39
      +1

      Read the rules for making a post. You know the
      box at the top about what a title should be?

      https://www.ozbargain.com.au/wiki/help:title_guidelines

      Oh and actually have a deal to post.

    • wallo on 14/04/2022 - 11:39

      The energy market in Australia is deregulated and the federal government does not set the prices.
      The source links I posted are far more recent.

  • SBOB on 14/04/2022 - 11:38

    Residential electricity rates will be increasing approx. 25% in NSW and QLD due to large increases in wholesale rates.

    Don't be afraid,don't be scared.
    https://www.gizmodo.com.au/wp-content/uploads/sites/2/2019/1…

  • impoze on 14/04/2022 - 11:52

    recently switched as my contract was ending and losing my 22c feed-in.

    I compared Nectr but their solar plan has a daily feed in cap of 10kwh.

    • TA4life on 14/04/2022 - 12:08

      Who did you change to?

      • impoze on 14/04/2022 - 12:15

        now on powershop

      • Diji1 on 14/04/2022 - 17:23
        -3

        No point in asking, it has nothing to do with you unless you share a post code.

        • TA4life on 14/04/2022 - 21:09

          Huh?
          I’m more than capable of going to the resellers website and punching in my own postcode to find out what the feed in tariff would be

        • FrozenFred on 14/04/2022 - 22:38

          Are you always this fun to be around

  • rektrading on 14/04/2022 - 12:12

    Is energy in Australia getting more expensive because of Putin's price hike?

    • wallo on 14/04/2022 - 12:15

      yes

    • pharkurnell on 14/04/2022 - 14:33

      do they need an excuse anymore.

  • avoidfullprice on 14/04/2022 - 13:30

    Is there a randomised referral link for this mob on here?

  • upended on 14/04/2022 - 15:03

    Anyone with Amber? Not sure how good they are but CBA are promoting them to their customers, given CBA have invested $20 million. There was an email sometime back where CBA were offering free 12 month subscription to wholesale energy with Amber.

    • kipps on 14/04/2022 - 18:32
      +2

      Avoid them like the plague! Was with them for a while. The rates in Brisbane Qld are less than 0% off the default market offer. People got completely belted when a power station had an incident - you could see usage rates of $5/kWh or higher! It's a complete rip off after you add their monthly fee, and the bills are so convoluted they make every other provider look simple. Happy to even upload an example if you want to see how horrendous they are. CBA deletes negative comments in response to their misleading ad. If you don't believe me check out Whirlpool - there's more than enough people commenting about how this provider is no good unless you're in a particular segment (likely with solar panels AND a battery, with the willingness to use APIs to load shift so that you can charge a Tesla on the odd occasion that market rates go negative).

  • MontyMacaw on 15/04/2022 - 09:32

    And politicians are telling you to vote for them because they brought electricity prices DOWN….

    • avoidfullprice on 15/04/2022 - 11:33

      Gee, they summoned the flood to put the fires out. What else do you want them to do with power prices? Deal with climate changes and upgrade power infrastructure? Continue with their snowy hydro 2.0 feasibility study?

  • rektrading on 15/04/2022 - 15:42

    Serious question.

    Where is the cheapest electricity in Australia?
    I'm looking at sub $0.10 kWh or as close as possible.
    Thanks.

    • wallo on 11/05/2022 - 08:40
      +2

      Unfortunately the days of sub 10c/kWh are gone, the closest you will get is about 14-15c/kWh
      PM me if you want further detail.

  • AlexG on 10/05/2022 - 09:15

    Any other fixed tariff plans out there? I also believe prices are set to rise for residential. Nectr are not in my area,

  • scar4ace on 10/05/2022 - 15:41

    Nectr: "We don't support this network tariff yet"

    Saw someone posted similar. any idea why?

    Is this Area-based? (Im in Syd metro though)
    Supplier (Endeavour - I dont think this is an issue)
    Controlled Load?
    Non-smart meter?

    Might have to call them up to ask.

  • impoze on 10/05/2022 - 16:02

    To get a referral link, go to this ozbargain store page

    https://www.ozbargain.com.au/deals/nectr.com.au

  • MondaySleeper on 10/05/2022 - 16:17

    looks like a good deal

  • wallo on 11/05/2022 - 08:29
    +5

    I recommend signing up as soon as possible. It's only a matter of time before Nectr also hike their rates…

    • Dealhunter967671 on 11/05/2022 - 15:30
      +1

      Jumped on this yesterday after I got a +30% rate hike email from ReAmped, and have just found this forum. Prescient, considering it was posted mid-April and almost a month later BOOM rates are starting to rise.

      • wallo on 11/05/2022 - 16:31
        +1

        Well it got downvoted because no one thought it was a deal.

  • WillEatOutofDumpster on 11/05/2022 - 20:17

    In your welcome pack email from Nectr, it explicitly states the rates you are signing up to. Definitely recommend signing up early to lock in for 12 months before they hike their rates too!

  • BargainDude2 on 11/05/2022 - 23:51

    I signed up to Nectr as well because of the 12 month fixed rates. I'm sure they will increase rates soon.

  • Irishness on 24/05/2022 - 08:47

    I know nectr have a customer app but do they have wesbite access for customer accounts? if so what is it cheers

    • Coffeesnod8 on 24/05/2022 - 08:55
      +1

      Have to use the app

      • Irishness on 24/05/2022 - 14:51

        thanks

        that's well thought out what about those without smart phones or don't want to use an app (yes I have an iphone but don't need another app on the bloody thing)

  • bashar20 on 31/05/2022 - 21:36
    +1

    I am very happy with Nectr been with them since June 2020. Your rate is locked for 12 months.
    If you find a cheaper new plan with them, you can call them and move to the cheaper plan and have the rate locked for another 12months.
    There support team is based in Brisbane and is very helpful.

  • Guy Incognito on 31/05/2022 - 21:41
    +4

    Looks like they're not taking new electricity customers. Was testing out my referral link and it wouldn't load, despite working fine earlier today. Go to their website to check and find the following:

    Due to unprecedented customer demand we have put a temporary hold on accepting new customers for our electricity plans.

    In the meantime, if you are a home owner it might be worth considering solar to reduce energy bills. We refer you to our solar options.

    • wallo on 01/06/2022 - 08:32

      Oh well. Looks like this has now expired.

    • Jasongood on 01/06/2022 - 09:29

      Same, just tested my referral link :(

    • lordra on 01/06/2022 - 14:09

      Dam, I was wondering what I was doing wrong. Guess I'll have to come back and check in the near future.

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