Australia has recently experienced “significant and unprecedented” rises in electricity prices, according to the Australian Competition & Consumer Commission, which actively monitors the energy sector.
As of July 1, regulated price caps have jumped by up to 18.3% for households, compared to the previous financial year.
The ACCC attributed the recent price increases to several factors:
- Electricity demand has increased due to colder-than-average temperatures across the east coast
- At the same time, supply has decreased due to planned outages at some generators, as well as unexpected outages and fuel supply issues at other generators
- Meanwhile, the Ukraine war has significantly increased international prices for gas and coal, which are key fuels for electricity generation
There are two important takeaways for you and your family.
First, your power bills are almost certainly going to rise – and probably by a large amount.
Second, while these price rises are an industry-wide phenomenon, that doesn’t mean you should take them lying down. If you shop around, there’s a good chance you’ll find a comparable energy plan at a lower price, which could save you hundreds or even thousands of dollars per year.
Get in touch if you’d like me to help you shop around. I can refer you to an energy comparison service that will research and recommend energy plans, based on your personal circumstances.