Energy Prices Up From Today
UPDATED 30 JUNE: Australian electricity prices are already some of the world’s highest. But after doubling in less than a decade, they’re now headed skywards again.
So here at the FiftyUp Club, we've got our energy expert keeping an eye on what electricity companies are doing to their prices on July 1.
Unfortunately, only a couple of the biggest retailers have so far made their plans public, bu we'll be watching to see what they all do come tomorrow.
Here's the story so far:
NSW:
Origin Energy has revealed it will raise prices by 10% on average statewide, or $175, on its standing offers.
AGL announced an "average $172 increase", but documents show it will raise prices by 11% on average, or $200, on its standing offers.
Some EnergyAustralia customers have reported receiving double-digit increases, but an official announcement is still to come.
In the Ausgrid zone covering most of metro Sydney, Origin’s rates are increasing by $246 and AGL by $212 (based on a household annual usage of 6080kWh).
QLD:
Origin Energy has revealed it will raise prices on its SEQLD plans by 3.1% on average, or $51.
AGL has revealed it will raise prices by 4.1% on average, or $73, on its standing offers.
Regional QLD bills will rise by an average $41 on July 1.
But note that SEQLD prices are to be deregulated, which usually means higher bills for those who don’t shop around.[1]
SA:
AGL is raising prices by an average $228 or 12%, Energy Australia by an average $261, and Origin by an average $117 - with other retailers expected to respond soon.
The closure of a major power plant in Port Augusta is pushing prices up and the state government has asked the ESCOSA to investigate if there is price gouging in the increases.
VIC:
Prices generally rise in January in Victoria, so Victorians will have to wait a bit longer.
WA:
A 7% increase for WA households was set more than a year ago as part of a 4-year pricing plan.
Meanwhile...
An attempt by COAG in 2012 to control soaring power prices is now bogged in the courts after 4 years of litigation.
A result is expected late 2016 at the earliest, with the possibility of 3 years of backdated price rises to come in July 2017.
Electricity remains the #1 cost of living concern for Australian households and has been every quarter since 2014, according to the Choice Consumer Pulse Survey.[2]
Astonishingly, 1 in 4 households still get no discount because they’ve never moved providers, but according to Vinnies research[3], not shopping around can mean you pay:
- up to 56% more in NSW,
- up to 43% more in VIC,
- up to 25% more in SA,
- and up to 9% more in QLD
Call Click Energy on 1300 085 785 to see if you can save on electricity or click here to see the Club's current offers for members.
WA members: click here to see the special offer on Gas with Kleenheat.
[1] http://www.brisbanetimes.com.au/queensland/regional-queensland-power-bills-to-rise-by-41-20160531-gp8a3t.html
[2] https://www.choice.com.au/money/budget/consumer-pulse/articles/what-do-consumers-need-from-the-2016-election#fullpulse
[3] https://www.vinnies.org.au/icms_docs/228265_National_Energy_Market_-_Still_Winging_It.pdf
