NSW energy market shaken up by two new providers

The energy market is set to see a shake-up in good news for New South Wales households.

Two new retailers have entered the market, boosting competition and offering consumers more tailored deals when it comes to energy.

OVO Energy, a UK based retailer, is now available. It works on a bill-smoothing model, which predicts energy costs and splits bills into a regular monthly price.

Unlike other monthly subscription style plans, if your OVO account goes into credit, you'll be paid interest at three percent.

Victorian retailer GloBird Energy has also moved to the NSW market, the company focusing on keeping prices as low as possible.

Canstar Blue spokesperson Simon Downes said there were hundreds of dollars to be saved if you were willing to shop around.

"The savings are going to be $200 to $300 per year," he told 9News.

In NSW, there are currently more than 30 energy providers. Energy Consumers Australia believes the fresh competition is good news.

"It will push prices down and offer new innovative services that can help people manage their energy use," CEO Rosemary Sinclair said.

Canstar Blue recommends households compare energy retailers every two to three months.

"The majority of households are still with one of the big three energy companies, but it really is time you realise to get the really cheap prices you often have to go with the smaller ones," Mr Downes said.

Both OVO and GloBird Energy are available to households in NSW now.

You can compare your energy bills on the Service NSW Energy Switch website.