(AEMC) Consumer Research for Nationwide Review of Competition in Retail Energy Markets

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(AEMC) Consumer Research for Nationwide Review of Competition in Retail Energy Markets Australian Energy Market Commission (AEMC) Consumer Research for Nationwide Review of Competition in Retail Energy Markets Qualitative and Quantitative Research Report June 2014 Sue Vercoe | [email protected] | 02 9232 9550 Irene Andreadakis | [email protected] | 03 9611 1850 1 Table of Contents Introduction 9 Background 9 Research Objectives 9 Methodology 10 Qualitative Research: Forums 10 Quantitative Research: Telephone and Online Surveys 11 Notes to the Reader 14 1. Victoria 16 1.1 Executive Summary 16 1.2 Summary of Market Context 18 1.3 Key Findings 19 1.3.1 Energy Markets: Interest, Awareness and Knowledge 19 1.3.2 Switching Behaviour 30 1.3.3 Consumer Satisfaction with the Market 54 2. South Australia 71 2.1 Executive Summary 71 2.2 Summary of Market Context 73 2.3 Key Findings 74 2.3.1 Energy Markets: Interest, Awareness and Knowledge 74 2.3.2 Switching Behaviour 86 2.3.3 Consumer Satisfaction with the Market 107 3. New South Wales 119 3.1 Executive Summary 119 3.2 Summary of Market Context 121 3.3 Key Findings 122 3.3.1 Energy Markets: Interest, Awareness and Knowledge 122 3.3.2 Switching Behaviour 128 3.3.3 Consumer Satisfaction with the Market 142 4. Southeast Queensland 149 4.1 Executive Summary 149 4.2 Summary of Market Context 151 4.3 Key Findings 152 4.3.1 Energy Markets: Interest, Awareness and Knowledge 152 4.3.2 Switching Behaviour 162 4.3.3 Consumer Satisfaction with the Market 185 2 5. Australian Capital Territory 196 5.1 Executive Summary 197 5.2 Summary of Market Context 199 5.3 Key Findings 200 5.3.1 Energy Markets: Interest, Awareness and Knowledge 200 5.3.2 Switching Behaviour 210 5.3.3 Consumer Satisfaction with the Market 223 Respondent Profile 232 Appendices 236 3 AEMC Executive Summary This report sets out the findings of market research conducted by Newgate Research between February and March 2014 on behalf of the Australian Energy Market Commission (AEMC). This research was designed to inform the AEMC’s first annual review of the state of competition in electricity and natural gas across all National Electricity Market (NEM) jurisdictions. The research, conducted in southeast Queensland, Victoria, South Australia, New South Wales and the Australian Capital Territory (ACT) comprised seven three and a half hour qualitative forums with a total sample of 162 participants and a quantitative study with a sample of 2,213 conducted via telephone or online. This Executive Summary seeks to highlight similarities and differences in results between jurisdictions, between residential and small business customers and between electricity and gas customers. As each jurisdiction is at various stages on the reform journey, comparisons must be considered in this light. Key Findings • Most consumers were satisfied with their current electricity and gas company, largely on the basis they receive a reliable service. However, qualitative research results suggest they feel less positive about electricity and gas companies in general. • The vast majority of consumers were aware they could choose their energy company and, to a slightly lesser degree, their plan. Awareness was considerably lower in the ACT. Despite this, the qualitative research clearly indicates that energy literacy varied significantly by jurisdiction. • The proportion of participants who had switched electricity company or plan in the last five years and the extent of marketing varied significantly depending on the jurisdiction and the stage of deregulation. • Between three and four out of ten residential consumers in most jurisdictions had actively investigated offers or options they could switch to. • Around one in ten consumers were currently looking for a better deal, around half interested in switching but not currently looking and around four in ten not interested in switching energy provider or plan. This was fairly consistent across jurisdictions. • The main reasons for not investigating alternative energy companies or plans were satisfaction with current arrangements and the lack of a value proposition. • The strongest driver to switch energy company or plan was saving money. • Consumers were moderately satisfied with the level of choice available to them although the qualitative results reflected more nuanced opinions, with many expressing dissatisfaction that competition has not really been effective in bringing down prices or creating meaningful choice. The following chart provides a high level overview of the findings against the main research objectives, incorporating both the qualitative and quantitative research findings. The results are relevant to both residential and small business consumers across both electricity and gas. 4 Broad themes in the research were as follows: There were fairly high levels of interest in issues associated with energy Half of the residential consumers (51%) and significantly more small business consumers (64%) surveyed across all NEM jurisdictions were quite interested in energy issues, giving a rating of 7 or more out of 10 (where 10 meant they were extremely interested). Across all jurisdictions just one in ten (12% of residents and 9% of businesses) were not really interested in energy issues (rating of 3 or less out of 10). At most of the forums, the main issue raised was the increasing price of energy. This concern was also evident in the quantitative results where at least three quarters of consumers indicated they were quite or very concerned about future energy prices (ranging from 74% in the ACT to 83% in southeast QLD giving a concern rating of 7 or more out of 10). Across most jurisdictions, consumers with higher quarterly energy bills were more concerned than those with lower bills. Most consumers were satisfied with their current electricity and gas company The majority of consumers were satisfied with their electricity company. Two thirds of residential and small business consumers (66%) were satisfied with their electricity company. Across all jurisdictions the quality of service was rated consistently higher than value for money. For quality of service, around two thirds of consumers (67% of residents and 62% of businesses) gave a rating of 7 or more out of 10. By comparison, around half (50% of residents and 52% of businesses) gave a rating of 7 or more for value for money. Similarly for gas, consumers were generally satisfied with their current company (71% of residents and 68% of small business consumers). As with electricity, the quality of service provided by their gas company was rated consistently higher than the value for money. Around six in ten consumers (64% of residents and 59% of businesses) thought the quality of their gas service was good or excellent while just over half (53% of residents and 54% of businesses) thought the value for money was good or excellent. Across all NEM jurisdictions, ratings of gas companies were generally on par or higher than ratings for electricity companies. The qualitative research suggests that consumers are more satisfied with their gas company because their gas bill isn’t as high as their electricity bill and prices are not seen to have 5 increased as fast. It also suggested that people are more positive about their own electricity or gas company than they are about the sector more broadly. The vast majority of consumers were aware they could choose their energy company and, to a slightly lesser degree, their plan Around nine in 10 consumers were aware that they could choose their energy company and around eight in 10 were aware that they could choose their plan. Awareness was considerably lower in the ACT (57% of residents were aware they could choose their electricity company or that there were different plans to choose from, 36% were aware they could choose their gas company). While the qualitative results showed that levels of energy literacy varied by jurisdiction and was higher in Victoria and South Australia, overall literacy was fairly low with most only able to name a handful of companies that could sell them energy and unsure about the tariffs available. This level of confusion was also evident in the quantitative survey. The extent of marketing varied considerably depending on the stage of deregulation Around two-thirds of residents in Victoria (66%) had been approached by an energy company in the last 12 months compared to 58% of residents in South Australia, 49% in NSW, 42% in southeast Queensland and 10% in the ACT. Most had been approached by between two and three different companies. Between three and four out of ten consumers in most jurisdictions had actively investigated offers or options they could switch to Consistent with marketing activity, the level of active investigation varied depending on the stage of deregulation with the highest rates in Victoria (39%) and the lowest in ACT (10%). Across all jurisdictions, 95% of those who investigated their options proceeded to switch. Just under a quarter of all consumers (23%) had not investigated options or switched at all in the past five years. Consumers in the ACT were significantly more likely to have not investigated their options (43%). The proportion of participants who had switched company or plan varied depending on the stage of deregulation The highest reported electricity switching rates were in Victoria at 54% and the lowest in ACT at 16%. Interestingly only 35% reported switching in South Australia while 49% had switched in NSW and 44% in southeast Queensland. Consumers were less likely to have switched their gas company or plan than their electricity. Not surprisingly, far more people reported switching gas company in Victoria (47%) than in other jurisdictions such as South Australia (26%), southeast Queensland (27%) and NSW (37%). Far and away the main driver to investigate options and switch is the potential to save money Around two thirds of consumers (63% residents, 66% businesses) switched their electricity company or plan because they wanted a cheaper price or because they were offered a discount or better price.
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