Australians in certain states could be dealing with another electricity price hike in the coming months, the energy regulator says. Learn more:
The government said it spared people from a worse case scenario but acknowledged this will hurt families.Australian households will face steep electricity price hikes in the coming months as power costs jump as much as 30 per cent in some states.
The default market offer represents the maximum price energy retailers can charge residential and small business customers in NSW, South Australia and southeast Queensland.The vast majority of customers are on lower, discounted rates, but the default offer also serves as a benchmark for wider prices.
Without the government's energy market intervention, the regulator had warned the residential offer could increase by more than 50 per cent in some regions.Victoria, which operates a separate electricity price cap, also released its draft default offer on Wednesday with proposed increases of more than 30 per cent in annual bills for domestic and small business customers from the start of July.In regional Queensland, the draft price increase is 28.
Australian Energy Regulator head Clare Savage said there had been unprecedented volatility in wholesale electricity markets due to high coal and gas prices and outages at coal-fired power plants.
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