New electricity retailers welcome deregulation

Gold Coast, Queensland
Gold Coast, Queensland

Deregulation of retail electricity prices in south-east Queensland comes into effect tomorrow, and the reform is encouraging new electricity retailers to enter the market with competitive offers.

Mojo Power (Mojo) is one new retailer moving into the space with an unorthodox subscription-based model. EnergyPass provides consumers with access to wholesale rates for their household electricity, at approximately 30 per cent less than other retailers’ standing tariffs.

Mojo CEO James Myatt the deregulation is giving energy consumers “real choice for the first time”.

“In New South Wales, where Mojo has already launched, the company has been able to provide a family spending about $750 a quarter on electricity savings of between $415 and $630 per year1, depending on which retailer and plan they’re currently on,” the company said.

Mojo expects Queensland will experience similar savings with high consumers of electricity users being able to save more than a thousand dollars a year.

“We know many people are dissatisfied with their electricity retailer. Independent research2 found less than half of all people surveyed in Queensland think they are being charged fairly for their electricity. It is the same in NSW, where 66 per cent of the people who have reached out to Mojo are able to avail significant savings,” Mr Myatt said.

In February, Mojo received a $5 million investment from the Southern Cross Renewable Energy Fund, which is co-funded by the Australian Renewable Energy Agency (ARENA). In addition to providing households with wholesale electricity rates, Mojo provides solar and battery services.