The Big Steal! Energy Companies Ripping Off Loyal Customers
Australian families are struggling to pay their electricity bills and the Australian Competition and Consumer Commission has handed down a report that has shone a spotlight on the big energy retailers and how they are taking advantage of loyal long term customers.
There are around 1.7m customers who are unlikely to switch energy retailers and are being relied on by the big end of town to keep pumping up their big profits.
" If anything, customer loyalty is likely to be penalised with higher prices." the ACCC report found.
Energy providers have been able to change rates without informing their customers, luring Australians into cheap introductory offers after which they were hit by strong price increases. On top of this - confusing pricing, sparse market competition and higher wholesale costs have caused electricity bills to surge by a staggering 60% over the last 10 years.
According to the Australian Energy Market Commission, Australians should be reviewing their bills every year. In Australia the energy market is highly competitive. This gives consumers plenty of options for electricity and gas retailers.
Australia wide cost of power is an issue. Power prices jumped around the country last year after three major retailers (Origin, EnergyAustralia and AGL) announced increase of up to 20 per cent. For the average customer that equates to $600 a year.
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