Requiring electricity retailers to tell consumers if they could save money by switching to a different plan could save people millions, the Consumer Advocacy Council says.

The council is calling for power bills to include a 'best plan notice', which would let customers know if a cheaper plan is available, and how much they could save by switching.

Council chair Deborah Hart says a best plan notice will help alert consumers if there is a better plan for them, based on the way they consume electricity.

"Power bills shouldn't be a riddle. Retailers should all be helping consumers make better decisions about how they manage their electricity use. There needs to be simple and consistent information displayed on all bills."

A best plan notice for electricity is already required in Australia.

Hart says there is no reason one shouldn't be required here too.

"Our research found 87 per cent of consumers want this information on their bills."

The research found that retailers don't always ensure consumers are on the best plan, nor does their power bills always contain the information they need.

Hart says if the information on power bills is clearly laid out, it will also allow consumers to compare the plans their power company is offering with those of other power companies so they could make an informed choice about whether they should switch.

Findings from The Electricity Price Review showed retailers could be earning millions of dollars extra every year because customers are not on the cheapest plan for their power use.

"That's money that should be in consumers' wallets, not fattening the profits of retailers," Hart says.

"If, for example, 10 per cent of households could save $100 a year by switching to a better plan, that would amount to $20 million transferring from the profits of electricity retailers to the pockets of consumers."

She says it's even more important in a cost-of-living crisis, when 65 per cent of consumers are worried about the impact of power bills on their household budget.

The council has developed a model power bill which sets out the key features that should be prominently displayed.

It includes the best plan notice, customer details, the amount due and when it needs to be paid by, and ways to pay.

"All this information helps consumers better understand their bill and so makes it easier for them to make decisions about switching plans or choosing another retailer. It shouldn't be confused with other less important information."

Hart says they now need the Electricity Authority, as the regulator, to mandate consistent power bills and a best plan notice so all retailers had to adhere to consistent standards.

"We think that will be great for retail competition in the market and it will also be really great for consumers."

-Krystel Gibbens/RNZ.