Power heavyweights have signed the charter after companies were slammed by the national regulator for deliberately trying to confuse customers with complicated price deals.

Gas and electricity are 16 per cent more expensive in the country music capital than anywhere else in the state, and it’s got to stop New England Business Chamber manager Joe Townsend said.

“The charter will help provide support to people but at face value doesn’t seem to reduce costs for businesses or residents,” he said.

“Energy providers on the charter are hamstrung by government red tape – there’s a lot of back and forward and no final national policy on energy at a state or federal level.

“That’s inhibiting them on making investment into adequate resources.”

Trust in the industry fell to a record low last year, according to the Australian Energy Market Commission.

The energy charter launched on Thursday, with 17 signatories agreeing to make their business adhere to the values of the charter.

A St Vincent De Paul report shows Tamworth residents pay a combined $4060 for gas and electricity each year.

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Consumer interests remain a central focus for the industry Australian Energy Council chief executive Sarah McNamara said.

“As the grid is increasingly decarbonised and decentralised, energy businesses will have an even greater role to play to ensure reliable, safe and sustainable supply that meets the needs of consumers,” she said.

“The cross-sector collaboration and industry-led reforms the Charter will enable are essential to the delivery of better outcomes for consumers.” The signatories have to lodge a report on how they have adhered to the charter principles by September 30.

An independent panel will release a report on the result two months later.

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