Tens of thousands of ReAmped customers have been advised to find a new energy retailer or face a doubling in prices within days, with wholesale prices set to soar.
Just days after the AER advised increases of up to 18 per cent for household and small business power prices, New Zealand-based ReAmped Energy has emailed 70,000-plus customers suggesting they seek better prices elsewhere.
Related article: Coalition delayed electricity price news until after election
“The markets are just rocketing every day,” ReAmped CEO Luke Blincoe said.
“The best thing we can do is advise customers to look somewhere else because the price increases that we will need to put through are so significant that we just would rather they were elsewhere and getting better deals.”
ReAmped said it told its customers to shift “before it’s too late”, with several retailers already increasing prices. Those who remain with the company can expect a doubling in prices within the next week as it resets costs.
Related article: Global gas crunch claims Weston Energy
Weston Energy also recently told customers it couldn’t meet contracts at existing prices. Weston, a gas supplier, said on May 23 that prices had risen more than 180 per cent since April, and were more than triple the level at the start of 2022.
Meanwhile, it was recently revealed the coalition government delayed news of rising power prices until after the election.
