From the 1st of February 2019, energy providers will be forced to give customers advanced notice of any changes to the price of their energy bill.
This means that customers on a market or standing offer must be notified of any price alterations at least five business days prior to the change.
These new regulations was announced by the Australian Energy Market Commission (AEMC) back in September of 2018.
This change will affect customers in New South Wales, South Australia, Queensland, Tasmania and Australian Capital Territory. There is already a state law in Queensland that forces retailers to notify their customers on market offer price changes 10 days in advance while Victoria is governed by their own Energy Retail Code.
At the present time, energy providers are not obliged to alert customers to price increases until they receive their next energy bill. For some customers, they could be paying a higher rate for up to three months before their next bill arrives.
This new ruling is the first of many measures designed to reduce the costs of electricity, which had reached a record high in 2018.
What this new ruling means for you is that from February 1, you will have five business days notice of any price changes to your current energy bill.
This will allow you to shop around and search for a better energy deal before the five business-day notice period ends.