Deregulation of the Energy Market
Over the past ten years or so, you may have noticed some changes in the Energy market in Australia. Aussies in VIC, NSW, SA and QLD now have the ability to choose their energy retailer. How did this happen? Well, it all started in Victoria in 1994. The state was run solely by a state government entity called SEC (State Electricity Commission). To increase competition and to give consumers the choice, the industry was privatised (or deregulated) – giving non-government companies the opportunity to enter the energy market. This meant that rather than one company -the government – running the entire industry, private companies were now allowed to retail electricity and gas.
Victoria was the test market for deregulation in Australia and as it was a success, South Australia, New South Wales and Queensland followed soon after. By deregulating the energy market, the competition was on! In order to gain market share, companies had to offer something different to clients – a better price, greater benefits and a different approach to customer service.
The choices are endless, with 14 companies in Victoria, 6 in South Australia, 14 in Queensland and 23 in New South Wales. Choosing your energy retailer is an important decision, but it really depends on what is most important to you as a client. Most retailers including Lumo Energy offer green energy for the environmentally conscious as well as discounts for all those people out there who pay on time. One thing that we here at Lumo Energy are proud of, is our online rewards program – Lumo Advantage. We want to be more than just your energy provider – we want to make you shine!
30 November 2010