Bright Spark Power was established in November 2017 and achieved the license to operate as an electricity retailer in the National Energy Market (NEM) on the 12th August 2019. Bright Spark Power serves QLD and NSW, with the States and Territories ACT, VIC, SA and TAS scheduled for future expansion.
The origins of why Bright Spark Power was established trace back to late 2017, where the founding directors wanted to do something purposeful which would enable us as individuals, and potentially others, to have a more meaningful mechanism to constructively address a number of concerns about the electricity market.
At that time we felt that there was a lack of investment into sourcing energy generation from renewable sources, we were frustrated about the complexity of the retail pricing, and pricing models, and it also seemed that every electricity retailer was, or had, outsourced Australian jobs and investment overseas.
We determined that as consumers, we were not in a position to readily challenge those concerns, so Bright Spark Power Pty Ltd was established with the objectives of;
driving demand for sourcing electricity from renewable generators,
offering simple and straightforward electricity prices,
and being a 100% Australian owned and operated company.
Fast forward to today, these objectives feel even more important than they were in late 2017. Furthermore, with first hand insight and experience of the energy market, we have developed an additional objective - that we as a company, and as individual directors, will be actively involved in the regulatory environment, in order to drive positive, consumer focused regulatory change. By doing so we hope to address some practices taking place within the energy industry, that we see as leading to a poor outcome for Australian consumers. In future articles, we will outline and discuss what these areas of regulatory reform involve and detail our views, opinions and progress made.
On making the decision to enter the NEM, it was critical that we set ourselves a clear set of goals to ensure we were focused on addressing our core objectives. Thus, the establishment of the Bright Spark Power Ten-Year-Plan. The Ten-Year-Plan sets specific targets for us as a company to achieve, but also serves the purpose of clearly communicating to our customers, suppliers, and other industry participants. We believe that the outcomes of our Ten-Year plan will be good for customers, good for the environment, and contribute towards ensuring the long-term sustainability of the electricity grid.
The means used to achieve the end is just as important as the outcome. This is no different here. Therefore, to ensure the steps we take towards achieving our Ten-Year-Plan must be appropriate, effective, and responsible. To that end, the Bright Spark Power Directors have established four key values as the criteria for which we use to make business decisions, guide how we interact with customers, select and engage with suppliers, and how we operate.
The Bright Spark Power company values are:
Climate Change is happening, take action.
Stay 100% Australian owned & operated.
Be honest and transparent.
Keep it simple.
These values will provide the guidance and calibration for our thinking, decisions, and how we operate. In future articles we will expand on how these values have framed our operations and practices, as transparency is one of our values after all.
We hope that by documenting our views and thoughts on the market as we experience the internal workings, thinking, and challenges that the national electricity market is experiencing, it may help to provide increased transparency of how this industry operates, what change is currently active or being proposed, and why electricity prices have trended upwards since deregulation, and are only in the last few years started to trend down.
The national electricity market is comparatively young in maturity compared to the telecommunications and banking and finance industries which were de-regulated much earlier. With our teams experience in those industries during those periods post de-regulation, we bring first-hand experience and insights that will potentially offer a perspective on the electricity industry.
Improvements to those industries took decades, however the improvement to customer experience and increased value is clearly observed with examples such as, no more capped mobile plans, same day bank transfers, no more excess phone charges, increased usage inclusions, vastly improved internet access, much higher available internet speeds for the same money, vastly reduced banking fees and charges and no predatory retention activities when changing providers.
We are seeking to provide our customers the view of our thinking and what, in-part, is involved with our decision making on how we approach achieving our Ten-Year-Plan, why our products are designed and offered in market as they are, where we are investing in business and product development, and lastly where we are investing in regards to driving industry and regulatory change.
We look forward to taking this journey with you.