Just saw this: https://www.facebook.com/ReAmpedEnergy/photos/a.204384449899…
"Dear Australia, we love you, but given major volatility in the energy market, we have made the tough decision to stop taking as many new customers as possible, at this time. This choice enables us to look after our existing ReAmped customers and we’ll be back in the market for new customers when the time is right.
Thanks for your continued support, ReAmped Energy x"
Other relevant topics:
from memory, they can still vary (ie. not fixed), but you get lower than the non-12-month rate for agreeing to stay not to switch away…
Right now thinking of just locking gas and electricity into tango for 12 months for a fixed rate and then see how things are then…
Damn, should have signed up to the actual 12 month fixed rate agreement. I recall this was available when I joined.
i signed up for the 12 month contract deal. can't recall if its fixed rates though…
but by sounds of it they can change the rates anyway?!
For those in VIC …..
Who are you looking at ?
Going with fixed term or ongoing ?
I've seen OVO and Tango are cheap, but they aren't lock-in so they could vary rates at any time ?
Tango, fixed
Ovo isn't fixed
Alinta isn't fixed
Glosave isn't fixed
HODL :P
I've gone with Alinta because they don't do lock-in contracts
Neither does Tango, only the rate they charge is locked in for 12mo, you can still leave whenever you want.
Theres no point changing unless you lock in the rate. Prices are going to rise across the board.
Hey guys what's going on, reamped energy just emailed me and literally said that I should find another provider?
"We are writing to you in unprecedented times for energy markets.
We know Australian households are already facing significant cost of living challenges, and we don't want to contribute to those any more than needed. We are now in the unpleasant position of advising you that you can get much better prices with another power company.
We recommend that you switch to another power company as soon as possible while good prices are still available."
Yeah, I found that a bit strange. Are they doing something dodgy? Unless you're shutting up shop, I'm not sure why you'd tell customers to leave.
Don't worry though, I remember that guy on tv called Albo, and many brochures from the local MP who said power prices will get cheaper. So we'll be right once Albo steps in.
If true then this could explain it. In short:
ReAmped is associated with The Energy Collective; they could close up shop here, get some goodwill for letting customers know to get out before the rise; continue operating in other locations (NZ, South Africa I think?)… wherever it's still feasible for them; come back when things settle here, with a potentially larger customer base due to their "goodwill" actions previously.
What a crazy time to live in. Anyway, i checked the vic compare site and there is nothing cheaper than my current offer at reamped. And the cheapest ones arent fixed at all. Maybe its worth waiting another month or two to see what happens?
I'm in the same boat.
I'm guessing they can't increase their prices again after they already increased them 20 days ago. But in the meantine wholesale prices increased further and now they want to get rid of customers because they selling at a loss? That's my hypothesis at this point because it doesn't make any sense for any business to ask customer to leave. If wholesale prices increase, just pass it on to customer, if they're not doing it, it's probably because there's a law limiting price hikes by a percentage or something
I agree. The best way to ask us to leave is to send further notice to increase the price, instead of purchasing Ads on social media.
I'm in Brisbane and pay monthly - last month was $157 - Energy Made Easy says cheapest for same period is $240.. (uploaded bill)
They are sending SMS messages now, something tells me it is in their best interest to lose some customers at the moment..
“ReAmped Energy: We have sent you important information about your electricity prices. Check your email ASAP”
Maybe I'm a chump but I decided to move on. ReAmped isn't that much cheaper than the alternatives and I can get bill rebates and rates fixed slightly higher by leaving. Hopefully they don't go under, if they enter administration I'm sure rates will be jacked up right away to make up their losses.
Yikes. I find the whole thing very confusing. Currently paying Reamped;
Peak: $0.2828/kWh
Shoulder: $0.2828/kWh
Off-Peak: $0.2828/kWh
Supply Charge: $0.5872/day
I'm a pensioner living in a tiny (really tiny!) studio apartment (inner-west Sydney) and will be moving within the next year. Any kind OzBargainer able to suggest what I should look for in a new plan?
I think this price volatility will affect all retailers. I would try to lock in a fixed 12 month contract ASAP - like tonight.
Thanks so much. Problem is I'll be moving in less than 12 months. Or does that not matter?
i think he is referring to a plan with fixed rates for 12 months rather than a 12 month commitment. most of the plans are no lock in, so it shouldn't be detrimental to your situtation
@c64: Gotcha. Went with EnergyAustralia NoFrills. Peak usage per day - 24.2 c/kWh. Supply charge $0.726.
Thanks for the help guys.
Energy retailer tells more than 70,000 customers to go elsewhere or face doubling of prices https://www.theguardian.com/australia-news/2022/may/31/energ…
I just got an email aswell. First time I've seen a business telling existing customers to go elsewhere
Anyone know some good deals for Sydney CBD?
I also got the SMS aswell, very urgent sounding
wtf y is elecrticity provider telling me to leave. must be about to go under maybe hostile takeover and they want to shed customers for revenge lol
If true then this could explain it. In short:
ReAmped is associated with The Energy Collective; they could close up shop here, get some goodwill for letting customers know to get out before the rise; continue operating in other locations (NZ, South Africa I think?)… wherever it's still feasible for them; come back when things settle here, with a potentially larger customer base due to their "goodwill" actions previously.
It is definitely a JOKE that ReAmped even published a paid Ad to ask us to leave.
As a company, you MUST know the risk of losing money. We are definitely not going to help you to survive by leaving ourselves. Warning us that we will pay double? Then send a price increase notice with a 100% more expensive rate, and we will all leave (and you can save money buying the advertisement). Not sure if this is actually legal since there should be a price cap. The price I am paying now (including GST) is:
Peak
$0.2338/kWh
Shoulder
$0.1533/kWh
Off Peak
$0.1362/kWh
Feed-in Tariff
$0.0200/kWh
Daily Supply Charge
$1.2771/day
The truth is that there is no other company with a fixed rate that can compete with it. Can't play, then close it and apply for bankruptcy.
$1.2771/day? Hot damn!
Could be SA?
Origin and such are all 80c and about to go up 10-20c
Origin daily supply charge here is $1.40+, but so is nearly every other retailer. (NSW Essential Energy network).
This is very strange. It's like the company is dissolving. No company would urge paying customers to stop paying them this much, out of just good will.
Something is going on.. They're certainly not doing this out of our best interest alone..
Nobody will leave. The facts are:
If they cannot afford the risk, just apply for bankruptcy.
I'm leaving!
I actually found a very similar fixed price deal with Energyaustralia to lock in for 12 months.
May 2022 ReAmped rates for me:
Usage - $0.2061000 kw/h
Supply - $0.8602 day
FiT - $0.02
= $358.60 quarter
Energyaustralia Total Plan
Usage - $0.2026000
Supply - $0.8751
FiT - $ $0.07
= $362.74
So yeah I'd rather swap now. so if prices do jump then I'm locked in and its not too late as all other competitors have raised their rates
Based on usage of:
1367 kw
350 kw solar feed it
95 days
They say they usually reassess their fixed rates in July. So the fixed rate term isn't based on the anniversary of your account. I'd expect the same rate increase as everywhere else.
If they cannot afford the risk, just apply for bankruptcy.
Consumers won't get much out of this, if the better rates are available today like EA and Origin fixed rate plans then why risk it waiting for the company to go down and then potentially pay more with other retailers.
The conclusion is: No need to act.
I beg to differ, move now - get onto a fixed plan if you can and then come back to reamped once the dust settles. I loved reamped for the past 1.5 years and got so much referral credits off them, so I would hate to stick with them so they die.
exactly my take on it too!
I am happy to see people are going to sacrifice themselves to help the company. However, I am not the person. I am now paying $600-700 per month for the electricity with ReAmped. If I switch, I will pay $200 more per month. Who pays my loss? The government won't.
@GiftCardHunter: That is an insanely high power bill?
Oh and nobody is going to subsidize that, mate. The company that offered you that rate is on the brink of bankruptcy. The $200 more is the market rate now, your cost base is up $200, and it isn't just you.
With a bill like that, surely solar panels are the go? Assuming you have somewhere to mount them.
@trotsky: Solar is definitely the long-term solution. However, it is basically not possible for a graduate student entrepreneur who is still living in the apartment and cannot afford the standalone house.
The COVID-19 already ruined our business and our cash flow. The government won't help, and I won't help either. I have to say sorry, but this is actually happening.
I don't know how many more company will be bankrupted tomorrow, as you can see the wholesale spot price in NSW at MIDNIGHT is still around $500, with 60% increase in a SINGLE DAY.
@GiftCardHunter: What are you an entrepreneur in with that kind of an electricity bill in an apartment? Crypto mining? Jeez, that's a crazy bill for an individual!
graduate student entrepreneur who is still living in the apartment
With a 6-700$ elec bill a month ?
You're either crypto mining or running a grow house.
Neither is something the gov should be subsidising and if the net plus/minus cost benefit ratio doesn't weigh up, no one's making you continue your "entrepreneurial" aspirations.
I think the company is trying their best to survive at this tough market, but what you are trying to do is let it die though.
TBH, ReAmped did save me a few hundred and I really hope they will not bankcrupt in this way.
If true then this could explain it. In short:
ReAmped is associated with The Energy Collective; they could close up shop here, get some goodwill for letting customers know to get out before the rise; continue operating in other locations (NZ, South Africa I think?)… wherever it's still feasible for them; come back when things settle here, with a potentially larger customer base due to their "goodwill" actions previously.
Tango seems to be one of few that are offering 12month fixed price.
For me its a bit more expensive but could be a lot worse
5c higher for service to property, 66c
2.8c higher on usage (20.68c)
No Tango for my location (Qld) :-)
VIC / UE Grid (Tango Offer ID: TAN354966MR)
Tango is asking for gas switch over, as well as a $200 pre-payment as credits to be applied to the account.
Strange situation - doesn't sit well whichever way you look at it. Have switched over to nectr which was only 4c a day dearer for me anyway and rates locked for 12 months (or so they say)
They look good but it seemed like I needed a smart meter to be eligible:-)
In Vic, just checked the Energy Compare site. There appear to be a few offers that haven't been updated. I was happy to see Globird's own website quoted better than what Energy Compare was showing. Tossed up between Tango and Globird, but went with the latter cos of a good old OzB referral code thingy too :))
Do globird offer fixed rates? Of not their rates will probably just go up soon anyway
Globird don't offer fixed unfortunately, I went with Tango for the fixed 12 month and then will check out Globird again when the dust settles after this "Round 1 - FIGHT!" round of increases
I tried to sign up with Tango, but the website froze after i put in my address…. signed up with QEnergy.
@the fig man: It did that a few times for me, I just waited an hour and was lucky to get through - then found the Shopback $112 promo that @Schumi5 commented below :(
@bdl: $112 promo appears to also be available through Cashrewards in case that's your preferred CB site
@nickeveli: Thanks for the heads up, I actually signed up without thinking of CR or SB so missed out on any cashback :(
@bdl: i think the process is already underway with Q.E. I don't want to stuff it up now trying tango again. But there is a 10 day cooling off period, so maybe i can ?
@the fig man: Yeah, you should be able to - you just have to ring QE and cancel during the cooling off period if you want to take your chances. I was considering cancelling Tango to re-apply for CR/SB cashback but in the end thought it was too much stuffing around and potential for things to get mis-tracked considering it would be cancelling Tango and re-signing with them.
At least QE and Tango are two separate companies so you wouldn't experience the same. I'm not sure if QE has fixed rates, if you really want those then there's added value for you to try Tango again.. maybe get the application in/confirmed with Tango and cancel QE once that's going?
@bdl: Yeah called Q.E. and cancelled the transfer in. Signed up with Tango via CB / Econnex rewards. Good times.
@the fig man: @Joshyyy: Sure did, and the rates quoted on signup lined up with email offer. Didn't use econnex/SB/CR though
Make sure you're not locked in. You'll get $250 using the VIC energy compare website from 1 July.
Being locked in doesn't matter, you can just use the VIC energy compare website (without changing providers) without changing providers and you will still get the cold hard pre-election money :)
what referral ?
I suspect they are partially hedged against the increased cost of electricity, and there's a financial incentive to have customers leave. By having too many customers when the price has moved against them, they end up out of pocket because the rate they charge customers is less than the wholesale rate they pay (until they bump prices). However, if all the customers leave, they can still buy electricity at their hedged rate and sell it to the market at today's prices making a profit.
e.g. you normally sell 100 apples a day to your loyal customers for $2 each. You lock in the price for 50 apples a day at $2 from a farmer to partially guard against the price going up too high. The unhedged price goes up to $4 each. You don't want to buy the extra 50 apples and on sell them for a $2 loss. Instead, you want all your loyal customers to go away, so you can sell those 50 hedged apples (locked in at $2) to the market for $4 each. Profit!
But they must also have a taste of their own medicine by attracting customers with a "losing-money" rate earlier. For example, their previous peak-hour rate cannot afford the network cost.
Why? The variable contracts let you leave freely, and let them jack up the price freely. They can't suddenly be locked i to fixed contracts simply because the market turned against them. It's no different to taking up a variable mortgage rate
This makes a ton of sense - thanks!
My thought - ReAmped have a huge amount of customers on fixed term 12 month contracts. They want to scare peeps to leave, as if you stay during your fixed 12 month term they are literally going to bleed and lose money.
If true then this could explain it. In short:
ReAmped is associated with The Energy Collective; they could close up shop here, get some goodwill for letting customers know to get out before the rise; continue operating in other locations (NZ, South Africa I think?)… wherever it's still feasible for them; come back when things settle here, with a potentially larger customer base due to their "goodwill" actions previously.
Is it too late in NSW to lock in a fixed rate for 12 months?? terrible. I was a very loyal customer to Reamped, would tell anyone who listened how great they are - such a shame the market has done this.
I was going to suggest Nectr, however they've just posted this recently tonight:
"Due to unprecedented customer demand we have put a temporary hold on accepting new customers for our electricity plans."
Must have been after 9pm because I switched a family member to Nectr around 9pm
I just moved. I was originally on QEnergy, and I moved to ReAmped earlier this year when QEnergy pretty much doubled by TOU rates - offpeak went from 10c to 20c/kWh.
I made sure to get a plan that fixes prices for 12 months.
I suspect only the majors will be able to do this - they are going to get a lot of customers, which won't really be great for competition.
Hopefully ReAmped will be back - ReReAmped perhaps?
The current situation is. If you turn your air conditioner on, they are losing $1 per hour.
psa: nectr just put a message on there home page:
"Due to unprecedented customer demand we have put a temporary hold on accepting new customers for our electricity plans."
I moved to Simply Energy for now since it's showing the cheapest rates for me. It's not a contract though - I couldn't find any decent provider offering contracts.
Let me know if someone finds a better option. Nectr isn't accepting new customers anymore.
I am in between simply and Qenergy.
Check Cashrewards or Shopback for cashback offers if you decide to switch.
Cashrewards offers seem to be mainly variable market rates offers - which is not useful for those looking to lock in a rate.
Please suggest a good lock in rate offer.
i went with origin (nsw) because they offered fixed prices for 12 months. There were cheaper options but all variable
Where did you find Origin's plan with a contract? I don't see it on https://www.energymadeeasy.gov.au.
Origin Go plan, rates locked in for 12 months.
https://www.originenergy.com.au/for-home/electricity-and-gas…
@wingapo: Thanks for the heads up!
Just signed up to an Origin 12 month fixed plan, 7c cheaper than what I was paying at Reamped. Plus 20k Rewards points to go. :)
Reamped is going to go under. A couple of retailers have already in the past couple of weeks, and in the UK 30-40 have done so due to extreme price pressure. The email and text to customers was the death knell. Their business model can't sustain high spot prices like we've been having. Switch now.
Which energy retailers in Qld also generates their own electricity and have vertical integration to mining coal and gas, so are sheltered from the worst of the retail coal and gas prices??? In particular Queensland retailers.
We're about to really pay the price for not getting out of coal and gas, the Libs f***ed us all by back pedaling away from renewable+storage like the AEMO and CSIRO have been recommending for a decade.
Went with Tango in the end, not much more than Reamped when comparing and locked in for 12 months.
Went through shopback also for the $70 cashback which is handy. Hopefully the changeover goes smoothly
No good Tango plan for NSW.
Hi @schumi5, could you please explain step by step how to sign up through Cashback?
It does not activate in the browser extension.
Did you go through the econnex website?
go to cashback website > click on the offer > disable any ad-blockers and allow pop ups
When searching for the cheapest provider in our area and distributor (United Energy), via the Victorian Energy Compare website, it shows Tango Energy "Prepay & Save" (Offer ID TAN354966MR), with a supply charge of 66c/day, flat consumption of 19.14c/kWh and solar FIT of 6.7c/kWh.
However when I try to switch via Shopback or Cashrewards - the only offer coming up for Tango is the "Home Select" (Offer ID TAN380017MR), with a supply charge of 66c/day, flat consumption of 20.68c/kWh and solar FIT of 6.7c/kWh.
Is there any reason why the "Prepay & Save" offer isn't coming up when I search via Shopback or Cashrewards, and how can I go about remedying this?
Anyone in South Australia looking at retailers?
Quick look, I think Sumo is the best deal going. Flat rate $0.2904 and $0.836 daily and $0.08 solar. And bonus $50 credit by going through the big switch site…
For me Powershop works out slightly better, only by a few dollars. Flat rate $0.2695, $1.045 daily and $0.03 solar. $75 credit with referral.
It obviously depends on your usage and solar feed in. If you have low usage and/or high solar feed in then Sumo will work out cheaper. Powershop is better for higher usage due to lower rates but higher daily rate.
Yeah, I went with Origin fixed 12m for Elec and Gas in the end. 30,000 WW rewards bonus.
Thanks, I'll check them out also. Did yours switch to Origin already? The switch it supposed to happen in 2 business days, so I figure best to sit with reamped for a couple more weeks and enjoy the $0.22 rates. However not sure if retailers are actually doing it that quickly.
Can someone help me understand the difference between an exit fee and a disconnection fee?
Alinta charges a $179.66 disconnection fee so does that mean if I decide to change provider down the track at my current address, I will have to pay a disconnection fee to churn?
Or does the fee only apply if I move to another property but want to retain my account with them at the new property?
Pretty sure that's only if you disconnect complete. If switching providers should matter.
Yeah, disconnection fee is for your retailer (Alinta in this case) to pay the distributor (varies by state, region) to come out and physically disconnect the electrical supply to the premises. If you are just changing providers, this does not happen. Even moving house this usually doesn't happen: you'll get a final read close to settlement and then the new owner is responsible for electricity charges from that point. For some reason the new owner may want the power disconnected, but the arrangements and payment for that would get sorted in the negotiation/settlement process.
To be honest, I don't know why the disconnection fees are even listed since most people never pay them. The only times I can see disconnection fees being charged would be for renovations (moving meter box) and maybe severe non-payment of bills.
Thank you for the explanation. Really appreciate it. I figured as much as we never had to disconnect the supply but simply change providers.
If I signed up in Jan 2022 to their handshake agreement, does that mean they can't/won't vary the rates for the year (12 month)?
I can't seem to get a copy of the agreed terms that I signed up to. Their account page seems down.