Who sets electricity and gas prices?
Retailers in NSW set their own retail prices. Customers in NSW can choose their retailer and the electricity and gas plans they sign up to. See more information about managing your electricity account.
Competition should keep energy prices as low as possible because if retailers increase their price above their costs, they will lose customers to other suppliers. Over the longer term, this competitive pressure provides an incentive for retailers to find more efficient ways of supplying electricity.
Why are prices increasing?
Retail energy prices are increasing due to substantial increases in wholesale costs. This has been largely due to the war in Ukraine, which has led to global gas shortages and higher global gas and coal prices.
For more information see our latest market monitoring report.
What can I do if I am unhappy about price increases?
To ensure you are receiving the best deal possible, you should shop around on the Australian Government price comparison website Energy Made Easy. You may find cheaper prices than you are currently paying.
The NSW Government offers a range of assistance to households. You should visit the NSW Government’s Savings Finder website or book an appointment with a specialist to check if you are eligible for assistance.
The NSW Government also provides advice on small changes you can make to help reduce your energy consumption.
Does IPART have a role?
IPART does not set energy prices, but we do have several roles related to energy prices.
- We monitor the prices and competition in the electricity and gas markets.
- Each year we publish a “solar feed-in tariff” guide each year about what you can expect your retailer to pay you for your solar energy
- We have been asked by the NSW Government to review price protections for energy customers in embedded networks
- We review the Renewable Energy Sector Board Plan to make sure it protects the financial interests of consumers.