Cost of living: Australians grim $100 power bill increase amid electricity price hike

Australians are prone to face a $100 energy invoice improve. Experts have weighed in on one of the best methods to deal with the value ache.

Australians have been urged to buy round on power offers with customers set to face a $100 improve in electrical energy payments.

The newest report from Australian Energy Market Operator (AEMO), which runs the electrical energy grid, reveals residents are prone to see a $100 improve in electrical energy payments with wholesale costs doubling previously 12 months.

Financial comparability web site Finder has warned 1000’s of households will cop a hefty invoice come July 1 – whatever the election final result.

Finder power skilled Mariam Gabaji urged customers to buy round for power plans earlier than this date.

“You have two different types of energy plans on the market: those that offer fixed rates for a certain period (such as 12 months) or others that have variable rates,” she mentioned.

“If you don‘t like switching electricity plans often in search of the cheapest variable rates, you’re likely to benefit from a fixed-rate plan instead.”

Joel Gibson from One Big Switch – a client energy community – mentioned residents would juggle energy value will increase with skyrocketing inflation.

“This is just the start, sadly. Retailers are being very cagey about value hikes however they‘re coming, and different retailers will be impacted in different ways depending on where they source their power,” he said.

“We want anyone who has received a price hike letter to send it to us so we can paint a fuller picture and tell Australians where the biggest price hikes are.”

“If you‘re not prepared to shop around and switch this year, your power bill could end up ballooning by hundreds of dollars, on top of groceries, petrol and mortgage increases.”

Australian Bureau of Statistics figures show electricity prices went up 3.5 per cent over the year, contributing to an overall inflation figure of 5.1 per cent.

The looming power bill hike follows heated political debate surrounding rising consumer prices and cost-of-living pressures.

Both Scott Morrison and Anthony Albanese have promised to keep power prices low after annual inflation rose to its highest level in two decades.

Federal Labor has committed $20 billion for a “Rewiring the Nation” policy, which it promised would follow the AEMO blueprint for transmission projects, commonly known as the Integrated System Plan.

Prime Minister Scott Morrison pointed out an 8 per cent fall in electricity prices over the past two years, while claiming Labor’s power coverage will drive up costs.

He has beforehand mentioned that his authorities has delivered “affordable, reliable energy”.

Source hyperlink

Leave a Reply

Your email address will not be published.