Energy companies will soon need to warn consumers if they are paying too much for electricity and gas.

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The rule announced on Thursday will require all retailers to alert consumers to any "better offer" available to them and will come into effect next year.

The reform comes despite opposition from retailers including AGL, Alinta and Engie who argue a warning would not fully address issues preventing consumers from switching providers, and could raise bills.

The change is one of seven being considered by the Australian Energy Market Commission after proposals from energy ministers, and follows research finding those who did not switch energy

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