Electricity competition means best deal for consumers, say retailers

Fierce competition among electricity retailers is resulting in New Zealand having the most innovative sector of its kind in the world, meaning a better deal for consumers, says the Electricity Retailers’ Association.

Chief Executive Jenny Cameron says retailers are striving to come up with innovations that make their products more attractive, be it on price, convenience or transparency. She was responding to the Electricity Authority today urging consumers to shop around for the best deal to suit their circumstances.

“Retailers agree absolutely that consumers should be comparing electricity plans and asking questions of their suppliers. That’s the way to get the best deal. No one likes losing business, so retailers will listen.

“New Zealand has the highest rate of switching in the world. With 31 brands across the country, and at least 11 brands available in every region, competition is fierce and retailers are continuously working on ways to attract new customers and retain their current ones.

“It’s important to remember that price is only one way retailers deliver value to customers. It’s also important to remember that our residential electricity prices are, in fact, cheaper than many countries around the world – such as the UK, Japan, Australia, Denmark. We sit around the middle of the OECD.

“The speed of innovation in New Zealand in recent times has been quite remarkable, and includes:

• Increasingly widespread use of mobile apps and website tools to allow customers to better monitor and manage their electricity usage.
• A variety of pricing structures, including an increase in the availability of time-of-use pricing plans.
• Bundling price plans with broadband and telephone options.
• Billing management systems to make it easier for customers to pay their bills.
• Payment options that help with paying down debt or smoothing out payments (such as Smoothpay)
• Options to off-set carbon emissions by buying carbon credits.
• Join-up incentives and one-off bonuses.
• Special rates targeted at electric vehicles.

“We recommend first comparing plans by checking the Electricity Authority’s What’s My Number website and then getting a range of options from the Consumer Powerswitch site. If you still have questions, or need more information, call your retailer.”

This media release was originally sourced from Scoop.