ECONNEX

Energy Market: A Survey Study

Surveying the energy market landscape! Gain insights from a comprehensive study, uncovering trends and dynamics shaping the industry.

Energy Market: A Survey Study

Published on 31/08/2023

By Parneet Kaur

Energy Comparison

No matter which industry you operate in, it’s important to understand your consumers. Convincing and pleasing consumers to avail the product or service is one tough job but keeping them for the long run is more difficult. Trust is one main key that will make a great impact to keep them.

The Australian Energy Market Commission (AEMC) is responsible with the rules on how the nation’s electricity and gas markets operate and a recent survey conducted shows only 39 % of Australians trust their energy company, down from 50 % in 2017.

Some retailers have announced marginal cuts in electricity prices for this year However, it does not make a huge impact, for the reason that mostly the whole part of Australia retail power price increased between $110 and $316 from 2017 to 2018.

Retailers are putting a lot of effort to entice customers with plan information, and attractive offers.

Key Findings of the Energy Market Survey Study

Most consumers were satisfied with their current electricity and gas company, largely on the basis they receive reliable service. However, qualitative research results suggest they feel less positive about electricity and gas companies in general.

The vast majority of consumers were aware they could choose their energy company and, to a slightly lesser degree, their plan. Awareness was considerably lower in the ACT. Despite this, qualitative research clearly indicates that energy literacy varied significantly by jurisdiction.

The proportion of participants who had switched electricity company or plan in the last five years and the extent of marketing varied significantly depending on the jurisdiction and the stage of deregulation.

Between three and four out of ten residential consumers in most jurisdictions had actively investigated offers or options they could switch to.

Around one in ten consumers were currently looking for a better deal, around half interested in switching but not currently looking and around four in ten not interested in switching energy provider or plan. This was fairly consistent across jurisdictions.

The main reasons for not investigating alternative energy companies or plans were satisfied with current arrangements and the lack of a value proposition.

The strongest driver to switch energy company or plan was saving money.

Consumers were moderately satisfied with the level of choice available to them although the qualitative results reflected more nuanced opinions, with much-expressing dissatisfaction that competition has not really been effective in bringing down prices or creating a meaningful choice.

You can choose which offer suits your household or business. Check out Econnex to view the offers in your area.

Compare Energy Plans Here – Free!

GET STARTED

Energy Comparison
Related Blogs
Electricity Or Gas: Choose Wisely!
Electricity or Gas: Make the right energy choice! Discover the pros and cons of each option to ensure an efficient and sustainable home.
Electricity Or Gas: Choose Wisely!
Ways To Make Your Bathroom More Energy Efficient
Transform your bathroom into an energy-saving oasis! Embrace LED lighting, water-efficient fixtures, and smart heating. A greener washroom awaits!
Ways To Make Your Bathroom More Energy Efficient
What’s In The Energy Rating System?
The Energy Rating System: Measures appliance efficiency. Look for stars! Higher rating means lower energy consumption. Go green, save money!
What’s In The Energy Rating System?
Do Energy Efficient Appliances Make A Huge Difference?
Energy-efficient appliances save money and reduce carbon footprint. Upgrade now for significant savings and eco-friendly living.
Do Energy Efficient Appliances Make A Huge Difference?
Save Energy to Fight Climate Change
Combat climate change! Save energy and reduce your carbon footprint. Together, we can make a difference for a greener planet.
save energy to help climate change
Top 10 Winter Energy Saving Tips
Beat the cold without exhausting your pockets by swearing by these proven winter energy saving tips.
10 Easy Energy Saving Tips this Winter