An Australian company is revolutionising the way Australians buy power, through nothing more than a simple app.
Having seen the human toll power companies’ predatory pricing strategies can have on vulnerable consumers, the team at Ineda decided to do something to make a difference.
That small thought resulted in the development of a revolutionary online platform, which sees energy suppliers compete to win the business of customers, through a reverse auction.
Ineda’s CEO said a solution like this is well overdue:
“Ineda is the change many have been looking for,” they said.
“Our platform empowers consumers to make informed decisions about their energy supplier, while also creating an even more competitive market.
“When companies place bids on Ineda, they do so in terms customers can understand.”
In recent years, there seems to have been an unending stream of stories of people, young and old, unable to pay their power bills, or keep heating on in the winter, because of skyrocketing prices.
Ineda’s CEO said something needs to change sooner, rather than later.
“If Australia really is ‘the lucky country’, then our power prices need to reflect it,” they said.
“It’s painful to hear the celebrations each time an excessively large profit is announced by power companies, in light of the struggles of so many people.
“We’ve been motivated by these experiences to develop and grow our platform to make a difference to the lives of our consumers, hopefully in a big way.”
It’s clear to see there has been no shortage of technology influencing our everyday lives in recent years, from the rise of ride-sharing services like Uber and Lyft, to tap-and-go payments from our smartphones.
Ineda’s CEO said they saw a gap in the app market when it came to utilities.
“Over the years, technology seems to have made our relationships with power companies more difficult, rather than easier,” they said.
“Our service brings customers and suppliers together in one place, to make the best deal for each specific situation.
“More than that though, we’re not just here to facilitate the bidding process, but also to support customers in finding the offer that works best for them.”
Only earlier this year, the ACCC commented on the state of Australia’s power industry, saying: “Many of these issues [around accountability] arise from unnecessarily complex and confusing behaviour by electricity retailers, and in some cases, this appears to be designed to circumvent existing regulation.”
Ineda’s CEO said an outsider applying pressure to the industry is the only way forward.
“We are looking to disrupt the power industry in a big way, to empower consumers again, and bring back a more competitive market,” they said.
“By disrupting the market and encouraging energy suppliers to think more about their customers, the end result is a better deal for everyone.”