The Australian Energy Regulator (AER) today published a report into retail performance for the October to December 2024 quarter.
The report shows that median market offers for electricity fell in Default Market Offer regions (New South Wales, South Australia and South East Queensland) from the beginning of July until 31 December 2024, and the number of customer complaints this quarter has dropped from the peak recorded in the July to September 2024 quarter.
Since the same time last year, the proportion of residential customers on electricity payment plans decreased and those on gas payment plans remained consistent.
However, the proportion of customers with energy debt and the average residential energy debt increased.
In the past 12 months, the proportion of residential electricity customers accessing hardship programs decreased slightly and the proportion of residential gas customers on hardship programs remained steady.
While being on a hardship program provides customers experiencing payment difficulty with protection, programs could be improved, and the AER is supportive of the AEMC’s proposed rule change relating to the support provided to people experiencing hardship.
Tier 2 retailers’ continued growth of market share this quarter signals increased competition in the retail energy market. Our new policy-led sandboxing approach to testing and trialling new products is intended to further encourage innovation and competition.