Electricity consumers can choose to be supplied from one of many retailers offering a wide range in plans or contracts. We’ve been asked for the latest figures we have on the uptake of low fixed charge and prepaid contracts.
Approximately 80 per cent of all residential connections today have a smart meter installed to measure electricity consumption. One feature enabled through smart meter technology is the ability to offer prepaid contract options. Consumers choose from a wide range of offerings, of which pre-paid options are a small subset.
Residential connections supplied through prepaid contracts dropped by 8 percent to 39,764 during 2016. At the end of 2016, the residential connections supplied through prepaid contracts represented 2.2 per cent of the residential market.
Low fixed charge (LFC) contracts
The Electricity (Low Fixed Charge Tariff Option for Domestic Consumers) Regulations 2004 require retailers to offer LFC tariff options to consumers.
Residential connections supplied through LFC contracts increased by 88,551 (or 10.6 per cent) in 2016. More than half of all residential connections (51.7 per cent) or 920,200 were supplied through an LCF plan with their chosen retailer at 31 December 2016. In 2015 this figure was 47.2 per cent.