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Tenants and unit owners stung in ‘cruel’ deal between developers and energy retailers

Tenants and unit owners stung in ‘cruel’ deal between developers and energy retailers
26 August 2018

A “CRUEL” deal between property developers and utilities companies threatens to add hundreds of dollars more to new tenants and unit owner’s bills.

Industry sources 20 years ago said apartment blocks were built with individual meters for each dwelling. Developers also carried the cost of building that network.

Now, many apartment blocks have a meter for the whole building — installed by the energy provider — so they can lock in that building to one provider.

The deals are in the sights of NSW Fair Trading Minister Matt Kean, who wants to change the laws by the end of the year.

“The developers and utility providers love this little racket going on,” he said.

“People should be able to choose the best deal that suits their needs. Currently they are being locked into contracts where the major beneficiary is a developer — and I think it is cruel.”

The full article by Ben Pike can be read online at The Daily Telegraph