Malcolm Turnbull strikes deal with energy bosses to offer customers cheaper electricity rates

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TWO million households could save hundreds on their energy bills by Christmas after a new deal was struck by the Turnbull government today, while bills will start being sent out monthly instead of quarterly.

The Prime Minister met with energy chiefs in Sydney for his second meeting in three weeks this morning.

This afternoon Malcolm Turnbull announced retailers had agreed to write to at least one million customers who are currently on “standing offers” to let them know they could be entitled to a discount or cheaper deal.

media_cameraEnergy Minister Josh Frydenberg, Deputy PM Barnaby Joyce, PM Malcolm Turnbull and Treasurer Scott Morrison meet energy company heads. Picture: AAP Image/Dean Lewins

Three weeks ago at another meeting it was agreed retailers would write to customers on expiring discount offers to inform them they were paying too much and there were better options.

“As a result of the action from the two meetings we’ve now had with the retailers as many as two million Australian families and small business could save hundreds of dollars on their electricity bills,” Mr Turnbull said.

“This is a very big breakthrough and it is happening here and now.

“The retailers are now going to write to customers on the standing offers … to inform them they can get a better deal. Those letters will be sent out by Christmas.”

media_cameraMalcolm Turnbull says customers could potentially save large amounts of money on their electricity bills. Picture: AAP/Dean Lewins

He said customers could save “potentially a very large amount of money” from the advice in the letters.

Mr Turnbull also said there would be moves to send out bills monthly to make budgeting easier.

“Retailers will investigate and move towards providing bills on a monthly basis rather than quarterly,” he said.

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