Bankers crunch the numbers on July 1 Power Price hikes
All the headlines said power bills were rising by as much as 20% on July 1, but a bunch of financial analysts have dug a bit deeper to reveal the real story. 
While tariffs are up, so are discounts – and this means there’s never been a more important time to compare what you’re on.
(As a FiftyUp Club member, you can do that right here by checking out the latest special offers for members.)
The ABC reported this week: “A survey from Credit Suisse's energy analysts, following the July 1 price resets in New South Wales, South Australia and Queensland, found a spate of discounted offers in May will result in realised average price increases well below that announced in the media [and] many customers who took up the May conditional pay-on-time discount could see the impact of price hikes halved.”
But this will only happen if you’re on the best discounts, hence the importance of shopping around again.
In NSW, for example, Origin Energy’s discount increased from 15 per cent to 24 per cent, while AGL's pay-on-time discount rose from 18 per cent to 22 per cent.
And here’s the key finding: the bigger discounts are created by what Credit Suisse calls “a redistribution of prices, with customers [who don’t shop] around for better market offers being slugged for their inaction.”
Long story short: those who don’t shop around are bankrolling bigger discounts for those who do.
The graph below shows how discounts in the Ausgrid zone of NSW kicked up around the same time the tariffs increased.
Click here to see the Club’s discounted offers for members in SEQLD, NSW, VIC & SA
