Only a third of Canberrans know they can choose their energy company, the market watchdog says.
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According to the Australian Energy Market Commission Annual Retail Competition Review of the ACT, fewer Canberrans were aware of their ability to choose an energy company, from 73 per cent in 2016 to 66 per cent in 2017.
About half – 55 per cent – of consumers were looking or keen to switch to a better deal, with only 22 per cent of Canberrans switching their plan or retailer in the past five years.
Less than half – 40 per cent – of those surveyed knew if they were on a standing offer contract or a market contract.
Standing offers are flat rates set by ACT regulators in line with the National Energy Retail Rules, with 77 per cent of Canberra residents and small businesses on standing offers.
Market contracts are set by the retailers themselves and can include discounts off standing offer rates based on things like off-peak usage, paying via direct debit or paying on time. These discounts can expire.
The AEMC said consumers could save $170 on their electricity bills per year from moving from a median standing offer to the cheapest market offer.
The ACT's small businesses are more savvy, with 82 per cent aware of their ability to choose their plan in 2017.
Only 9 per cent of Canberrans were aware of the independent comparison website Energy Made Easy, up 6 per cent from 2016.
The report pointed to a lack of energy market competition in the ACT.
While it was improving, ActewAGL still dominated both the electricity and gas sectors.
Including ActewAGL, there were five electricity retailers in the ACT and only three gas retailers, with the capital's small market size the main barrier to better competition in both sectors.
The AEMC recommended the ACT government help vulnerable consumers move away from higher priced standing offers or market offers with expired discounts.
It also recommended working with the COAG Energy Council to review how energy concessions are applied and improve consumer awareness of available concessions.
They also recommended working with other states and territories to ensure retailer's compliance costs across different jurisdiction didn't act as a barrier for new retailers.
The AEMC's review comes after a separate analysis last week by the Australian Energy Regulator showed Canberrans could save as much as $800 on their energy bills by shopping around.
The AER's chairwoman Paula Conboy warned Canberrans may be paying more than they needed to if they hadn't changed energy retailers for some time.
