Energy Market Update - How Much Can You Save By Comparing?

With the skyrocketing prices of energy, there has never been a better time to compare your provider’s rates with others in the market to confirm whether you're actually getting the best deal.

Why Compare Energy Providers?

With the cost of living hiking every month, comparing your energy provider prices with others in the market has never been more important. Energy providers are constantly changing their prices according to domestic and international occurrences that contribute to supply and demand. You may be surprised just how much you could be saving by making a simple switch.

How Are Energy Prices Tracking This Month?

The price of energy in Australia continued to rise, with the price hikes influenced by a range of factors, including inflation and unsteady international relations. Although, there was some relief in late July. Sharp declines in 2023 futures contracts were evident across all NEM states, which offered some hopeful news.

With the warmer Spring months fast approaching, solar output is expected to increase, which will lessen the impact of energy bills for consumers. However, global fuel price pressures and domestic gas supply restrictions continue to exacerbate wholesale energy prices in the NEM. The ACCC has predicted in their inquiry report that there will be an east coast demand shortfall in 2023 if excess gas from LNG exporters continues to be sold to international markets.

New South Wales and Queensland

New South Wales and Queensland have been hardest hit with the rise of energy prices. In New South Wales, there was mild easing in late July for 2023 contracts with prices falling 17% to $169/MWh and Queensland fell 15% to $163/MWh.

Queensland's renewables accounted for just 20% of the state's electricity with 70% coming from black coal and 10% gas. However, Queensland's weather will boost solar use and reduce demand.

Victoria and South

Less affected than New South Wales and Queensland, Victoria 2023 contracts plummeted 29% to $106/MWh. 2024 contracts hiked to $95/MWH then lowered to the same price as 2025, which is $79/MWH. Renewables accounted for nearly 60% of demand, 4% was from imports and the rest provided by gas. However, again with warmer months on the horizon, gas and electricity prices should ease slightly.

How Much Can You Save When Comparing Energy Providers?

Did you know that you could be saving hundreds of dollars per year by changing energy providers? It’s estimated that households save around $330 per year on their energy bills, simply by switching power providers.

Best of all, the process only takes about 10 minutes. All you need is a copy of your latest power bill on hand, and Compare & Connect will take care of the rest for you. There’s no need for hours of research, trawling through energy provider websites or spending days on end on hold.

Whether you're moving to a new house and worried about having your energy ready to go when you move in or simply changing to a new deal to save money, we facilitate communication with your new energy provider to ensure you never end up in limbo without power.

Final Thoughts

For more information on energy prices and providers, you can compare a range of electricity and gas plans with Compare & Connect here.