Two new energy retailers shake up Queensland market

Power bills will be given a shake-up in Queensland with two new retailers introduced to the energy market.

Recent reforms to the South-East electricity market has seen the launch of Powershop and Red Energy.

Minister for Energy Mark Bailey said the newly implemented reforms could bring real benefit and lower electricity costs.

“Thanks to major reforms South-East Queenslanders now have access to flexible electricity pricing as a result of the newly deregulated retail electricity market,” Mr Bailey said.

Mr Bailey said the launch of Powershop and Red Energy was another sign of industry confidence in the deregulated electricity market.

“We deregulated South-East Queensland’s electricity market to encourage new market entrants such as Powershop and Red Energy, to drive competition and provide customers with more choice and opportunity to save money on their bills,” he said.

“Since the electricity deregulation reforms were implemented during 2016, five new retailers have entered the residential market and five new retailers have entered the small business market, making a total of 17 retailers in the residential market, and 16 retailers in the small business market.

“As a result, customers can now choose from over 130 new offers in the residential market and over 80 new offers in the small business market.”

South-East Queenslanders are now benefiting from increased competition and innovation.

“A family household can now access products which are more suited to high levels of electricity consumption at peak times, while a single person living alone can access a range of different packages which favour lower amounts of electricity consumption,” Mr Bailey said.