News

NewsEnergy Prices Up From Today
Energy Prices Up From Today

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

Originally posted on .

Join the conversation

FiftyUp Club
Energy Prices Up From Today

Share your views with other members. 

Want to leave a comment? or .
Read our moderation policy here.
Leslie
Leslie from NSW commented:

Great, my super pension goes up $1:45 per week and electricity by about $5:00 per week. Looks like they're trying to recoup the discounts they enticed us with!! 

Mark
Mark from QLD commented:

Hi, I am still astounded by electricity companies mine being Origin in that they have the audacity to charge reading the solar meter. For goodness sake both metres are virtually side by side and how long does it take to actually read both metres? not long, this is simply yet another money grabbing scheme. It was not all that long ago we were not charged for reading of the metre, after all if they did not read them how would they charge you for your consumption just an average over the previous readings, yeah good one Origin you money hungry so an so's 

Someone
Someone from NSW commented:

Electricity seems to be just another stream of taxation revenue for State Governments 

Kenneth
Kenneth from NSW commented:

Why has there been no reason given for the price rise of electricity i.e. renewable energy certificates that the producers have to buy from today? 

Andrew
Andrew from NSW commented:

NSW is trying to get the power price up as much as possible (as well as scheduled later year increases) as it is effectively the only "Tax" they can levy. Tax - surely not? Yes, that is just what a certain merchant bank advised them to do years ago to both boost yearly revenue and, here's the kicker, create a 2 to 4x increase in the price received for privatising them. State Govts are not allowed to tax per se but they can allow their State owned entities (like poles and wires for example) to increase charges. Increased NSW gas prices were supposed to "reflect the export price of gas or NSW will not have any supply." Now that the export price for gas has halved - has anyone's AGL et al bills dropped massively? Why not? The scam of de-facto State Taxes was revealed a few years back as being endemic Australia-wide by virtually all Govt owned entities. In NSW many State Govt senior executives running power generators or transmission companies testified before Parliamentary hearings that 'demand for electricity was (& had been) rising every year and the transmission network need substantial investment to cope with increasing demand. The reality, falling for 3 years (at that time) and this was before major power users had begun to shut down operations (such as several steel makers and Aluminium smelters), However , the guaranteed profit on every $1 spent on 'capacity improvements' was up to 6% above the cost of borrowing - so the State Govt Ponzi scheme at the community's expense was underway. Did any of senior State Govt execs get disciplined or jailed for fraud? Not one. But the privatisation value of State Govt Entities increased up to 400%. Plenty of commissions/fees for advising banks, maybe directorships for retired State Govt bureaucrats or MPs on shelf companies associated with these privatised (or soon-to-be) entities. Bit like looking at the Sydney desalination plant shelf companies and their boards. Good money for some at the communities expense. 

Jerry
Jerry from SA commented:

So now I would like to know how good is privatisation? Why can the politicians not see how irrational privatisation is? It is ok for them as they can "gift themselves pay rises " and extol their virtues with the statement "shop around" Good luck with that! Jerry 

Anthony
Anthony from VIC commented:

Be interesting to see how we compare with other countries in cost per kw/hour 

Yves
Yves from QLD commented:

Thanks to the consecutive governments for privatizing and liberalizing electricity, make sure who you're voting for! 

ron
ron from WA commented:

as stated wa have no choice 

Someone
Someone from WA commented:

As usual WA people have no choice! 

Comment Guidelines