Saw this on TV the other day and called up.
Basically the offer is 33% off elec and 17% off gas, and it's off the WHOLE bill, not just the usage. Only condition is you need to do direct debit and have email bills. AMEX has no surcharge!
I called and talked to the guy on the phone and he gave me a $100 credit (50 for gas, 50 for elec) to cover my break in contract with Red Energy. Rates are cheaper as well.
*For eligible new VIC residential customers who opt-in to direct debit and e-Billing (bills will be sent via email) and switch to the Lumo Advantage Premium product on a 24 month contract. Total bill discount applies to energy usage and daily supply charges, which are subject to change, when you pay in full by 5pm on the due date.