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. 7NEWS
But the increases will be less steep than those foreshadowed before the government stepped in to cap coal and gas prices in an attempt to rein in skyrocketing power costs.Watch the latest news and stream for free onThe Australian Energy Regulator on Wednesday released its draft default market offer decision for the 2023/24 financial year, which foreshadowed residential electricity price increases of between 19.5 and 23.7 per cent depending on the state and provider.
It estimated small business customers could face price increases of between 14.7 per cent to 25.4 cent depending on their regions and providers. A final decision on the offers will be made in May. “The government, faced with large increases in the , urgently acted to curb spiralling prices of gas and coal and shield Australian families and businesses from the worst of these energy price spikes,” he said.
“We know this is difficult news for customers who are facing cost-of-living pressures ... 20 to 22 per cent is still a significant increase, but it is much lower than it would have otherwise been,” she told ABC Radio.
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