So, your electricity company asked you to leave?

We know that a few retailers have recently asked their customers to leave. Most notably, ReAmped energy told its customers to “leave now” with multiple scary emails (we know they’re scary; a few of our staff are with ReAmped ).

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Why are they doing this?

They’re not looking out for you - it’s because they are losing money, big time. The retailers asking customers to leave are typically those that play the game with volatile wholesale prices. During times when these are low, they can offer far lower rates than other retailers (great news for those that jump on them). But due to the massive spike, they are now losing money. And they need to give their customers due notice about price increases. So the quickest way for them to stop the bleeding is to cull customers. Crazy I know, but if you’re in the situation where they are asking you to leave, know this. You’ve likely been getting the lowest prices for the last little while, so good on you. And fortunately, you have the tools to find the next best offer.

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So, should you leave?

Well that depends on a few factors:

1. Is your current rate better than other deals in the area (check with Plan Optimiser or - if you’re not with Solar Analytics already - you can access the free version here)? Switch if it is, but otherwise you may as well hold onto those rates until they do actually increase.
2. Do you care about the profits of your electricity company? Probably not…but if you do you can take their advice and protect their back pocket  .
3. Are you worried about not being able to find another retailer? Well, don’t stress. There are plenty of electricity retailers out there who have played it safe in the energy market and will continue to offer new contracts (my personal choice is Energy Locals). Furthermore, even if your retailer goes completely under you will be put onto a default government offer. Yes, it's usually more expensive than the market offers, but you won’t be cut off.

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What are we doing about it?

We know that currently, rates and offers available are changing daily. So here's what we’re doing to ensure Plan Optimiser is accurate:

1. We’re updating all plans weekly
2. And checking manually to confirm retailers are still allowing new customers to sign up online and removing retailers that aren’t accepting new people.
3. Collecting feedback from you in our survey on your switching experience. Please fill this out if you notice that a retailer wouldn’t offer you a plan, had changed its rates or any other issues so we can update Plan Optimiser.

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Published: 2nd June 2022

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