You may have heard a lot about changes in the energy market recently, particularly due to the conflict in Ukraine, causing wholesale prices to rise exponentially.
This has caused a number of well-known brands to stop taking on new customers, or even encourage their existing users to switch to competitors.
Don’t stress – we’ve detailed the brands affected by these changes below, along with advice on how you can find a better energy deal for yourself.
ReAmped Energy
ReAmped Energy has recently urged its 70,000 customers to switch to other retailers now while good deals are still available or pay as much as double by staying with the provider.
With the volatile wholesale market causing many providers to raise their prices to exorbitant rates, ReAmped Energy CEO, Luke Blincoe, has stated that with many other retailers beginning to stop taking on new customers, it’s important to change sooner rather than later.
He has stressed that the company is not going out of business and will continue to cater to the customers who choose to stay, however, pledges honesty as one of ReAmped Energy’s core values, and so advises customers on making the switch.
LPE
In a similar fashion, Queensland electricity retail company, LPE, recently told its 20,000 customers that it was not able to compete with rival companies, with their shares lowering by 15 per cent in May.
The company is expected to close its business entirely as its customers are advised to switch to other providers.
Mojo Power
The company has put market offers for customers on hold until 1 July 2022, when the Default Market Offer (DMO) regulated cap is to be reviewed.
They are currently still offering retail contracts, however, these are likely to come at more expensive rates, so you may prefer to wait until 1 July and assess the most competitive deals.
Discover Energy
Discover Energy has also urged its customers to find another electricity retailer due to having to raise its pricing by up to double.
They have stated this as a small, growing retailer – these price increases are going to affect them substantially, as they don’t own large coal or gas generators, but buy excess solar from customers via feed-in tariffs.
Discover Energy is currently reviewing its current pricing for electricity and gas in all states.
Nectr
Nectr has also pressed the pause button on signing up new customers.
As another small energy retailer, it is being hit particularly hard by the current market changes. Retailers pay for wholesale electricity daily, with recent sky-high prices significantly impacting their cash reserves.
So, small retailers like Nectr don’t have the cash flow to operate like they used to, and are unable to offer competitive prices.
How to find a better deal on your energy
If you’re on a plan with any of these retailers and have been asked to switch, or are keen to look for a cheaper deal regardless of who you’re with, particularly with the overall rise in market prices – then our friends at Econnex can help!
Econnex is an energy comparison site which lets you easily compare offers and deals from key energy retailers and choose one that fits your needs (based on factors such as price, contract length and more).
Best of all, you can then switch your current plan directly on the website and begin saving money straight away. To get started, just enter your postcode into the box below.
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All in all, you deserve to get a better energy deal, especially with the current market volatility occurring at the moment.
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