“Energy prices are not immune from the significant challenges in the global economy right now,” Australian Energy Regulator chair Clare Savage said.
Electricity bills for hundreds of thousands of Australian households are set to soar by up to 31 per cent this year, even after the federal government’s emergency intervention brought down wholesale prices and avoided larger possible rises.from July 1, which will lift standard power bills by between $300 and $564 a year.Joe Armao
In Victoria, where the state’s Essential Services Commission determines its own default offer, the price cap for households will rise by 31 per cent, or $426. Victorian default offers are presently lower than other east-coast states that faced double-digit increases last year. “That’s why it’s more important than ever that we strike a balance in setting the default market offer to protect consumers as well as allowing retailers to continue to recover their costs and innovate.
He said the government’s intervention to cap wholesale coal and gas prices, paid by power generators and passed through to retail customers, had saved households between $268 and $530 of potential bill increases and had avoided up to $1,243 in additional increases for small business customers.
“While the projected increase of between 20 and 22 per cent to the default market offer by the Australian Energy Regulator could have been an even higher increase if not for the Albanese government energy price cap at the end of 2022, it is still far too high for people on low incomes already struggling.”
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