Nearly half of Australia's power plans cost as much as the price cap. Four retailers sit on it everywhere
Yesterday's inflation figures had electricity up 13.2% on a year ago, as government rebates ended, a day after the Reserve Bank's fourth rate rise this year. With the rebates gone, what households pay comes down to the plan they're on. So we checked every generally available single-rate plan in the four states where the government sets a reference price.
What we found
Across 1,420 plans in NSW, Victoria, south-east Queensland and South Australia:
- 46% cost the same as the reference price or more. The reference price is the government's cap for default plans (the Default Market Offer in NSW, QLD and SA; the Victorian Default Offer in Victoria). It is meant to be a ceiling.
- 1 in 3 plans is priced exactly on it, within $5 a year.
- Four retailers set their cheapest plan exactly at the reference price on all 10 networks we checked: Diamond Energy, EnergyAustralia, ENGIE and Kogan Energy. Nectr does the same across Victoria, and Alinta in South Australia.
"The cap was designed as a safety net for people who never shop around," said James Baker, founder of EnergyPlans. "For a lot of plans it's become the starting price, and households can't see that unless they know where to look."
State by state
| State | Plans | At or above the reference price | Cheapest plan below it by |
|---|---|---|---|
| NSW | 577 | 43% | $459 to $559 a year |
| Victoria | 552 | 46% | $358 to $397 a year |
| South-east Queensland | 183 | 54% | $400 a year |
| South Australia | 108 | 54% | $447 a year |
The states behave differently. In Victoria, plans bunch just under the cap: 42% to 44% sit exactly on it but only about 4% go over. In NSW fewer sit exactly on it, but around a quarter are priced above it. South Australia and south-east Queensland have the highest share at or above the cap, at more than half of all plans.
How can a plan cost more than the cap?
The cap only limits default plans, the ones people end up on when they never choose. Market plans can be priced anywhere, as long as retailers show how they compare to the reference price. 197 of the plans we checked cost more than it.
Prices are still moving
453 plans across the four states changed price in the last 30 days alone, 190 of them in Victoria and 192 in NSW. The price on the plan you signed up to may not be what you're paying now.
How to check your own plan
Every electricity offer has to say how it compares to the reference price. Look at your plan's fact sheet or the offer you signed up to. If it says "0% below" or shows a figure above the reference price, you're paying the cap or more, and every state we checked has plans hundreds of dollars a year cheaper.
Then:
- Check your bill. At least every three months, your retailer has to include a section called "Could you save money on another plan?" telling you whether they have a cheaper plan for you. If they do, ring them and ask to be moved.
- Know the catch. That message only compares your retailer's own plans. "You're on the best plan we can offer you" is not the same as the cheapest plan on the market. If your retailer's cheapest plan is at the cap, look elsewhere.
- Check your concession: NSW Low Income Household Rebate up to $285 a year; Victoria's Annual Electricity Concession of 17.5%; the Queensland Electricity Rebate of $399.47; South Australia's Energy Bill Concession of up to $291.27.
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Full tables for each network: NSW · Victoria · Queensland · South Australia
Wondering what this means for your bill?
Compare plansCommon questions
What is the reference price?
It's a benchmark yearly cost set by regulators for each network: the Default Market Offer (set by the Australian Energy Regulator) in NSW, south-east Queensland and South Australia, and the Victorian Default Offer (set by the Essential Services Commission) in Victoria. It caps what retailers can charge on default plans, and every plan has to show how its price compares to it.
Is my plan above the price cap?
Check your plan's fact sheet or the offer you signed up to. It has to show how the plan compares to the reference price. If it says 0% below, you're paying the cap. If it shows a figure above the reference price, you're paying more.
Why doesn't my bill show the cheapest plan?
At least every three months, your bill has to include a "Could you save money on another plan?" section. It only compares your current retailer's plans, so being told you're on their best plan doesn't mean you're on the cheapest plan available.
Full figures by network
| State (network) | Plans | At the reference price | Above it | At or above | Cheapest plan with no conditions | Reference price | Gap |
|---|---|---|---|---|---|---|---|
| NSW (Ausgrid, Endeavour, Essential) | 577 | 19% | 24% | 43% | $1,440 to $2,063 | $1,899 to $2,604 | $459 to $559 |
| VIC (5 networks, VDO) | 552 | 42% to 44% | 4% to 5% | 46% | $1,123 to $1,359 | $1,481 to $1,748 | $358 to $397 |
| South-east QLD (Energex) | 183 | 43% | 11% | 54% | $1,588 (1st Energy) | $1,988 | $400 |
| SA (SA Power Networks) | 108 | 37% | 17% | 54% | $1,887 (1st Energy) | $2,334 | $447 |
| Total | 1,420 | 462 (33%) | 197 (14%) | 659 (46%) |
Method: all generally available single-rate residential market plans in the Consumer Data Right product reference data, checked 30 September 2026, annual cost at each network's AER Default Market Offer or ESC Victorian Default Offer usage, GST included. "At the reference price" means within $5 a year. Excludes restricted plans; the cheapest-plan figures exclude plans that need a controlled-load meter. Regional Queensland (Ergon Energy) has no reference price and is not included. EnergyPlans is an Australian energy comparison platform built on the regulator's CDR data; we earn a referral fee when someone switches through our partner. Media: media@energyplans.com.au