The removal of retail electricity price regulation came into effect on 1 July 2014, with NSW households and businesses to benefit from greater competition and choice in the State’s electricity market.
Under this historic reform, customers will be placed firmly in the driving seat and will reap the rewards as competition brings more retailers into NSW that will offer better deals to secure and retain their business.
From 1 July those customers who had not switched over to a competitive market deal have been automatically transferred to a ‘transitional tariff’.
For most households on the transitional tariff their bill will now be 1.5% lower in 2014/15 compared to the 2013/14 regulated price. However, many market offers may be even cheaper.
This means that for the first time in 15 years NSW electricity customers who were still on the regulated price before 1 July will see a reduction on their bill.
Details of the reforms are available at www.energy.nsw.gov.au