Power prices are costing NSW residents millions more than necessary.
Power prices are costing NSW residents millions more than necessary. Will Hunter

You could be paying $500 more than necessary on power bills

ENERGY customers could save up to $556 a year just by changing electricity retailer.

A new report has confirmed that more than 735,000 people in NSW are paying too much for electricity.

These facts are contained in the Australian Energy Regulator's Annual Report on Compliance & Performance of the Retail Energy Market 2016-17.

Labor Leader in the Legislative Council and Shadow Energy Minister, Adam Searle MLC said the report showed that 22 per cent of customers were paying way more than they should because they are still on standard retail contracts.

This amounts to between $300 million and $400 million as the total amount that NSW consumers could save.

The report also shows that over the past 12 months, New South Wales had the largest electricity price increases at 10.6 per cent to $1419, or up 13.5 per cent for concession customers to $1144.

This is before the 15-20 per cent increases put in place by the big three energy retailers from July 1 this year.

Mr Searle said it was time to re-regulate the retail electricity market.

"The electricity companies are profiteering at the expense of consumers - many of whom may not understand the system and the fact that they are being ripped off."



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