New Power Bill Comparison Site Aims to Slash Rising Electricity Costs
A new power bill comparison website will launch next month to help consumers find better electricity deals. The move comes after sharp price rises in 2024, which saw households and businesses facing bill increases of 10 to 15%. Regulators are also pushing for clearer billing rules and more off-peak pricing options.
The upcoming Power Build website will replace the current Power Switch service. Unlike its predecessor, it will no longer rely on funding from power companies. The change aims to provide more independent and consumer-focused comparisons.
Regulators are also proposing stricter penalties for rule breaches in the electricity sector. The maximum fine could rise to $10 million, three times the financial gain from a violation, or 10% of a company's turnover. This follows a year in which high spot prices forced some industrial businesses to shut down.
To further support consumers, the government has named the retail electricity sector as the next industry under the Customer and Product Data Act. This will allow regulators to share power use data, helping households automate their electricity use. The authority is also encouraging more providers to introduce lower off-peak rates.
The new website and stricter rules aim to make electricity pricing fairer and easier to understand. With rising costs hitting both homes and businesses, regulators hope these changes will give consumers more control over their bills. The reforms will take effect alongside ongoing efforts to simplify billing and expand off-peak pricing options.
