ReAmped Energy General Discussion: No Longer Taking New Customers, Usage Charges Increasing

Just saw this: https://www.facebook.com/ReAmpedEnergy/photos/a.204384449899...

"Dear Australia, we love you, but given major volatility in the energy market, we have made the tough decision to stop taking as many new customers as possible, at this time. This choice enables us to look after our existing ReAmped customers and we’ll be back in the market for new customers when the time is right.

Thanks for your continued support, ReAmped Energy x"

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Comments

  • +1
    Merged from Reamped Energy Prices Going up - Any Alternatives?

    For the longest time, I stayed with Reamped Energy because their prices seems to be the lowest, even lower than what I could get on https://www.energymadeeasy.gov.au/

    I got an email recently that my prices are going up:

    Anytime: $0.223/kWh
    Ctrl Load 1: $0.1749/kWh
    Supply Charge: $0.8273/day

    I already had a look in the forums, seems there are slim pickings at the moment. According to EME website, the best one for me at the moment is Alinta with:

    General charges
    Daily supply charge 97.90 cents/day
    General usage rates 18.07 cents/kWh

    Controlled load
    Daily supply charge 2.67 cents/day
    Controlled load usage 13.48 cents/kWh

    According to my last bill, our daily usage is 24.69 kWh/day, we don't have solar because of surrounding trees put our roof in the shade.

    Anyone living in Brisbane who wants to flex and let me know how low your electricty prices are and how I can sign up to your plan?

    • +1

      Just switched to Alinta same plan as above from Energy Australia because I lost my 30% discount I was getting for the past 5 years. Seems to be the best one available atm.

      • Thanks, I was with Origin Energy prior to Reamped, They were quite competitive at the time with their 23% discount, but Reamped worked out cheaper for me slightly because of their lower /kWh charges. I wonder if anyone is still on that Origin plan?

      • Switched to AustraliaEnergy NoFrills: Service fee 76 cts, 1kW 24cts feed in 7.5 cts

    • Same here. Would like to know if there's anything cheaper than ReAmped now. There was none for a very long time.

      • There still isn't for me. They're warning of price increases but they haven't happened yet, so… no reason for me to move.

        • Isn't that the gist of their warning though. "Get another contract BEFORE the alternative offers worsen".

          • +2

            @Chiang: Doesn't make any sense. If you switch to another retailer with low rates now, there's nothing stopping them from increasing them with 5 days notice.

    • i think reamped is still going to be as cheap i can get for my usage patterns

    • +2

      Just switched from Reamped to Alinta. Seems they are the most competitive in Brisbane for Peak+CL1 if using more than 17kWh/day. Also Shopback have a cashback of $120 if you switch to Alinta. (Cashrewards are $90).

      • Seems like Shopback has no listing for Alinta anymore

      • This isnt a fixed rate, is it?

    • Same but I did a comparison at Energy Made Easy and they're still the cheapest for my usage and location. I wouldn't be surprised if the others will be bumping rates over the next month or two so I'll compare again in July or so.

    • +1

      Ok, thanks for all your responses. I guess I will go with Alinta like everyone else. I know Origin has plans to jack up prices in July, I haven't seen anything for Alinta. Hopefully, they won't, but we all know they will at some point.

      FYI, I tried the shopback cashback for Alinta, they just sent me to the econnex site. They seem to be another layer of referral and ask a lot of questions for just doing a referral to Alinta. Fingers crossed, it is all worth sharing my personal details with them.

      • Econnex plan has different rates than if you sign up directly on Alintas website. Check the details yourself.

        • I did, they don't make it easy to find the rates though. Also, I was a bit hesitant to submit without the rates, I had to go back to the beginning to double check the rates vs the rates on EME website.

    • This is like asking which brand of petrol is the cheapest. It varies by your area. Get 4 quotes and lock it in the cheapest.

    • +2

      Nectr is slightly cheaper than Alinta at my side. Worth taking a look if you are keen.

      • +1

        Yes I recently moved from Reamped to Nectr. Prices fixed for 12 months apparently.

    • https://www.energymadeeasy.gov.au/

      Upload your bills and see. Its going up for all retailers I'm afraid, so watch out for the bait and switch. I with Reamped too, they up'ed my usage but slightly reduce my supply charge. So about 18-20% on the monthly bills from my calculations.

      G'luck

    • +1

      But they are stopping accepting new customers. I guess they are losing money even servicing current customers, as I guess there is a cap of the % price increase with old customers.

      • That could be why they're encourage people to switch away now, everyone wins

  • +9

    Yikes. Could be a sign they're about to go under.

    • +2

      Hopefully not and they remain in the market to challenge the big players.

    • From what I heard is that they don't want to carry people over on a loss during the rate rises.

  • Existing customer here.

    They've just increased their pricing drastically, a decent hike… not far off the big players now…

    Since ReAmped Energy launched in 2019, tens of thousands of Aussie households have flicked their old retailer and switched to us for cheaper deals. We think we've had a very positive influence on price competition, and given the incumbents and other big players something to think about. Thank you for joining us.

    We'll always offer the most competitive prices we can, but circumstances in the Australian energy market have become very challenging, partly due to the global security and economic factors you're no doubt aware of. That's why we need to write to you today with an update to your electricity rates.

    Our team has been working hard to protect our customers from the current circumstances as much as possible, but this change is unavoidable due to the extremely elevated wholesale rates now being seen in Australia. This is a challenge we expect all retailers to face in the weeks and months ahead.

    Current: Anytime: $0.2264/kWh
    NEW: Anytime: $0.2758/kWh

    Current: Supply Charge: $0.7186/day
    NEW Supply Charge: $0.6147/day

    Why are energy prices going up in Australia?

    Demand for coal, gas and oil has increased across the globe as the COVID recovery continues, while Australia's own energy market has been suffering reliability issues. Together with the conflict in Ukraine as well as the impacts of inflation, this has created the perfect storm for a higher wholesale energy environment that is ultimately out of our control. You can read more about what's going on in the wholesale market on our website.

    We're sorry to have to deliver this news and we want to sincerely thank you for your support. We've been blown away by the reaction we've received since launching in the Australian market in 2019. It was always clear to us that Aussies were desperate for a genuine change to shake up price competition and we think we've delivered it.

    • it's not just reamped https://www.abc.net.au/news/2022-05-26/benchmark-power-price...

      for the bigger companies, the increases will come in july

      • for the bigger companies, the increases will come in july

        I wonder if this is partly to push out some of the smaller companies, as the smaller operators won't have the capital to absorb some losses due to cost increases (hence they're increasing their prices now).

    • +1

      Still substantially cheaper than the most affordable plans in SA

    • Hmm. I've not received this comms yet…

    • Where are you located? I'm in a Citpower area in Melb Metro and haven't been told of any price increases from ReAmped ….yet

    • how do you know your new rates? and when are they starting from?

    • +1

      Being a bit idealistic for a moment is this one of those things where "wholesale price increases" is basically a cover "screw the locals, we're going to charge the high international demand prices because we can" even though the stuff is dug up here?

      • +2

        Almost, but not quite. We're shipping off all our gas internationally, and the little remaining stock we have left over is getting its price pumped via artificial shortage. TLDR: gas being shipped internationally is cheaper than the price we have to pay here, even though it came from here. That is, the situation is even worse to what you had described!

  • +2

    I am still good with ReAmped (incl GST)

    Per kwh: $0.1735/kWh
    Daily charge: $0.4840/day

    • Thats super dope! With momentum in VIC (1.02 daily and 0.207 kWh)

    • I'm still good with ReAmped (incl GST)

      From -> To
      Per kwh: $0.1721/kWh -> $0.2216
      Daily charge: $0.6437/day -> $0.6988

  • +2

    Yeah, I got a big price hike from them - have now moved over to Nectr.

    Couldn't fault the service from ReAmped, I only left for a better deal.

    • Nectr

      Thanks for the tip!

      • nectr have stopped taking customers.

    • works out a bit cheaper for me. i wonder if they are dependable

      • +1

        Obviously I've only just transferred over, so can't say, but the big sell for me is that the price is locked for 12 months.

        I think ReAmped raised their prices before most other retailers, so I didn't want to end up with another provider, only for them to also raise their prices in a month or so.

  • +2

    They’re likely working on recalibrating prices. If more customers were to get on board with current prices, and Reamped having to change them within a short time frame, it would create more bad press, and Ms Heard does not like bad press.

    • Sorry, I must have misheard the question

      • +1

        So did Johnny

    • -1

      Ms Heard

      Ms A. Turd 💩 ~ Jason Momoa

  • +3

    VIC customers won’t have this problem. NSW and QLD prices right now is where the problem is

    • +6

      Just got an email from Reamped to leave …. and I'm in VIC

      • same here

        What next?

        We ask that you switch retailers as soon as possible to avoid higher prices. This could save you hundreds of dollars a year.

        The truth is that your prices could double if you choose to stay.

        Our plan is to continue to be honest with our customers, and we’d love to have you back in the future when the market settles down, but right now, we don't know when that will be. We aren’t giving up on helping Aussies save money, but we do want to be straight up about what's best for you.

        We would urge you to act fast, good pricing in Australia may be short lived, so please check out Victorian Energy Compare now and pick a provider with better rates.

        If you have any questions, please feel free to reach out to us.

        • Lock in a 12 month contract. I'm looking at Lumo.

          • @Obsidiate: Yeah but is it locked for the period? Or do they have clauses to raise prices in extreme market circumstances?

          • @Obsidiate: I'm looking at lumo as well. Have you found anything against moving over to them?

            • @mahdoo: Nope, 1 year lock in, just churned over elec+gas. On balance only slightly cheaper than globird + reamped (Their gas was pricey) but if prices are going to hell in a handbasket meh, can't be bothered worrying about it for a year.

      • +2

        Ditto. QEnergy seems the cheapest in the southeast at present.

        • just figuring out if they'll jack their prices too or offer fixed

          • @Joshhhy: QEnergy may possibly have the worst customer service ever, and make ridiculous mistakes.

            Good thing though there are no more 14 working days of cooling off period before the change over.

            • @DoctorCalculon: ahhhh no. just signed with them. Can i cancel the 'transfer' and try go with tango instead ?

        • Been with QEnergy for 6months now, no issues so far. 2 people, wfh paying ~$50 a month, no solar

  • Has anyone tried Bill Hero?

  • Check my post: https://www.ozbargain.com.au/node/702065
    First of all, I guess there is a % price increase cap for existing customers, such as 18%.

    Then I suspect they wanted to play the trick on customers to "change the tariff structure" instead of "increase the price", while it is actually not.

    I reported that "my neighbour still using the TOU, why changing me to anytime tariff". They replied quickly and admitted their "mistake" (who knows if it is on purpose).

    But the wholesale price in my area does not seem to be changed. For example, the off-peak is still $0.0456/kWh (excluding GST). From page 5 on https://www.evoenergy.com.au/-/media/evoenergy/documents/ele...

    Where should we check the actual wholesale price? I think this should be transparent to retail customers, instead of a business secret.

  • Merged from Energy wholesale price goes up? Truth or Lie?
    Sorry that I probably misunderstood the price structure. The one I mentioned below is the "network charge", which excludes the electricity. But if the wholesale price now is $400/mWh ($0.4/kWh), then why retailers are still not bankrupted (ReAmped already stopped accepting new customers)?

    Recently there are lots of news that the "energy wholesale price" is going up to the sky. However, where can we actually get the "exact price"? I checked my distributor's website, for example, see page 5 in https://www.evoenergy.com.au/-/media/evoenergy/documents/ele...

    I could not see a price increase as compared to the previous year, and the off-peak rate is as low as a SHOCKING PRICE of just $0.0456/kWh (excluding GST). Where are the price increase? I can only see some companies are making 100% profit or even 200%+ during off-peak from us.

  • https://www.reampedenergy.com.au/blog/switch-now/?utm_source...

    ReAmped customers are currently better off with another provider

    1st June, 2022
    Thanks for being with us - but it’s important you switch to another retailer now.
    You’ve no doubt heard about the highly volatile wholesale electricity market and the impact it is having on bills. Unfortunately, conditions have reached the point where we must inform customers that it’s now in your best interests to leave ReAmped and switch to another retailer for a better deal, as soon as possible.

    We recently wrote to our customers in NSW, QLD and the ACT to announce a price rise, but due to continued increases in wholesale costs, significant increases are coming very soon to all states in Australia. Wholesale prices are rising faster than we have ever seen, and we have no other option but to pass these costs onto our customers.

    If you stay with ReAmped, your bills could double in the days and weeks ahead.

    • "If you live in Victoria, go to ."

      d'oh

      looks like they did a fb vid too: https://fb.watch/dlr-KuHngg/

    • thanks. i didn't see that. i took the hint and switched to a fixed rate plan

      • i just received an email now saying the same

        • +1

          Just received the same email urging me to change provider but in the email they didn't mention another rate hike.

          So I'm assuming that what they emailed us 20 days ago with the updated fee rate is still applicable, which in my case is still acceptable. For now I'll stand by and see how it goes

      • Which fixed rate plan did you move to please?

  • +2

    Just saw a paid ad on Instagram
    https://ibb.co/rpMV11p

    "We genuinely appreciate your ongoing support Lach! But we also do want to keep your best interest in mind and want to let you know your prices will go up, by a lot. We are very confident that there are much better deals out there, and the sooner you act the better. As such, we’d recommend that you look on the Energy Made Easy or the Vic Compare website today while good prices are still available, and then make a switch."

    • +4

      Wow a paid ad, that is unbelievable!

      • ReAmped CEO posted a Facebook video titled Leaving ReAmped now will avoid large price increases saying the exact same thing

        • "now" as in before 1 June?

        • +1

          I don't know it doesn't make sense for a business to ask their customer to leave.
          Maybe there's a limit to how much % they can increase their prices?

          They already sent me their new rates 20 days ago. Maybe wholesale prices got more expensive between the time they sent that email 20 days ago and now, and maybe they legally can't increase their prices again less than a month after they increased their prices already?

          Meaning that if we stay at those rates (from 20 days ago) they will be loosing money if customers stay?

          • +4

            @Arese: its an ESC requirement that they purchase futures contracts such that they can meet the expected demand of their customer base into the future. They could be trying to reduce this commitment. In addition it would be like pumping money down the toilet if they purchased these futures contracts and then announced price hikes and 50% of their customer base left to go elsewhere anyway. It's a smart strategy to flush out as many customers as possible beforehand, get some positive PR etc but I'm not going to move until they announce rates/changes etc. If these guys are going to change rates, whoever you move to is also likely to have rate hikes so the only benefit is to lock in power for 12 months at a fixed rate, if you are going to move. don't move to another retailer that has the minimum 5 day advisement

            • @peter05: also, as a pro move, they're weaponising their customers against their competitors.

              Any retailer you go to that has locked in rates is effectively losing money if they haven't priced the potential price spikes into their equations/forecasting when offering rates etc

              and even if they have, you're potentially creating a sudden surge in demand on them which will cause them to have to purchase more futures contracts, buying them at current market rates

            • +1

              @peter05: I just wanted to clarify this comment. The ESC only requires that a company operates in a financially responsible/sustainable manner. One of these ways in which you can operate to fulfill these requirements is to participate in the futures market. This is similar to what airlines would do with oil prices, you purchase futures so that you know how much you "goods" will cost and so you can plan for how much to sell your product for.

              A retailer may choose not to use these financial instruments but they would have to show that they can absorb the increasingly often occurring $16k/MWh price spikes during the summers. This involves holding liquid cash in reserves which IMHO is more expensive than purchasing the futures, due to not being able to use that money for anything other than a buffer

          • @Arese: On this FB vid the CEO's hinting that prices will 2x and tryna do us a favour in advanced, by clearly telling us to leave and find a better deal.

            Maybe they're being forced to 2x rates by the industry big boys upstairs.

  • +1

    Anyone have any hot tips for electricity deals?

    • +1

      +1, where to for Melb, considering Nectr not available…?

      • +1 for Melbourne. Let us know of rock solid fixed plans. Bonus if new customer incentives involved.

        • GloBird looks okay again. But they won't guarantee the rates you start off with won't get hiked up after you join.

        • Tango with shopback

          • @bdl: Hi @bdl, could you please explain step by step how to sign up through Cashback?
            It does not activate in the browser extension.
            Did you go through the econnex website?

          • @bdl: When searching for the cheapest provider in our area and distributor (United Energy), via the Victorian Energy Compare website, it shows Tango Energy "Prepay & Save" (Offer ID TAN354966MR), with a supply charge of 66c/day, flat consumption of 19.14c/kWh and solar FIT of 6.7c/kWh.

            However when I try to switch via Shopback or Cashrewards - the only offer coming up for Tango is the "Home Select" (Offer ID TAN380017MR), with a supply charge of 66c/day, flat consumption of 20.68c/kWh and solar FIT of 6.7c/kWh.

            Is there any reason why the "Prepay & Save" offer isn't coming up when I search via Shopback or Cashrewards, and how can I go about remedying this?

            • +1

              @inasero: the cost of the incentives have to come from somewhere and it's up to the retailer to request referral websites to market particular packages, even if they're not the cheapest for the customer. You get to pick and choose which one suits you better

    • I'm in Melb, tested QEnergy for 6 months so far and pretty happy with it
      2 in household both wfh, no solar, once a week vacuum/washing machine usage, 4 times/week dishwasher, lots of microwave and induction cooking daily
      30 day bill = ~$50

      Supply Charge - 0.527230 per day
      Usage - 19.987 c/kWh

      • I tried to switch to QEnergy today. I took too long to read the contract, and now their website won't allow new sign ups, saying 'market offers are on hold'.

        • The same thing happened to me with OVO Energy. They stopped their market offer temporarily, and now their rates have hiked up to the VDO for new customers.

          • @DoctorCalculon: Yes I noticed OVO Energy disappearing from the list of offers on the comparison site too.
            Frustrating to be in the middle of the sign up process and then find out I'm too late by mere hours.
            I ended up staying with my current provider, Lumo, but moving from the Victorian Default Offer to their Value plan. It's not the cheapest rates but it is fixed rates until August 2023 so at least there won't be a price rise.

  • I have just switched to Simply energy from Reamped. It seemed a good offer with 100$ ampol gift card for their Simply NRMA offer

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