The Australian Energy Regulator has recommended double-digit electricity price increase for more than 600,000 customers in south-east Queensland, NSW and SA.
Households will face power price rises of up to 23.7 per cent and businesses up to 25.4 per cent from July 1 under the Australian Energy Regulator’s draft electricity “safety net” prices for next financial year.since the Albanese government announced its gas and price coal caps, the AER has approved double-digit electricity price increase for more than 600,000 customers on default market offers, or standing offers, in south-east Queensland, NSW and South Australia.
This included 19.8 per cent in south-east Queensland, 22 per cent in NSW and 21.8 per cent in South Australia. “There are still a number of offers below the DMO, even now, so we are still encouraging customers to shop around,” she said.“With the resetting of the DMO in July, we would expect to see a growth in the number of market offers below the DMO.”
Federal Energy Minister Chris Bowen said the draft DMO showed that urgent government action had helped to shield Australians from the worst of electricity price rises.He said it was almost 30 per cent lower than what the AER forecast late last year.“This means hundreds of dollars [between $268 and $530] of additional increase avoided for households, and up to $1,243 additional increase avoided for small business customers,” he said.
“A record high of more than 82,000 households are now on hardship programs, proving that those who can afford it least will be the ones paying the most. Treasurer Jim Chalmers had conceded the coal and gas price caps - which would be in place for 12 months - would “take the edge off” price increases, rather than lower prices.The steep increases reflect the crisis that hit the National Electricity Market early last winter, when a spate of coal power plant outages and weak renewable energy output drove wholesale prices sky-high and led to the temporary suspension of the market.
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