Electricity consumers can choose to be supplied from one of many retailers offering a wide range of plans or contracts. We’ve been asked for the latest figures we have on the uptake of low fixed charge and prepaid contracts. The trends observed in the 2016 update have continued.
Prepaid contracts down 10 per cent
At 31 December 2017, 81 per cent of all residential connections had 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 prepaid options are a small subset.
Residential connections supplied through prepaid contracts dropped by 10 per cent to 35,248 during 2017.
At the end of 2017, the residential connections supplied through prepaid contracts represented 2.0 per cent of the residential market. This figure continues to decrease from 2.2 per cent in 2016 and 2.4 per cent in 2015.
Low fixed charge (LFC) contracts up 4.6 per cent
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 41,892 (or 4.6 per cent) in 2017.
More than half of all residential connections (53.4 per cent) or 962,068 were supplied through an LFC plan with their chosen retailer at 31 December 2017. This figure continues to increase from 51.7 per cent in 2016 and 47.2 per cent in 2015.