Aussie households feel the pinch in power price hike
Aussie consumers are set to feel the pinch from electricity suppliers, with projected rate increases leaving many households hundreds of dollars worse off.
Data supplied by ASX Energy suggests the wholesale cost of power is set to rise significantly, becoming around two cents a kilowatt high in NSW and Victoria for the next two years. And while this doesn’t seem like a lot, it translates to a $120 rise in annual bills.
Queensland is also set to feel the pain, coping a $100 annual increase, while South Australia could face a significant power bill surge of $240 every year.
Grattan Institute energy program director Tony Wood told News.com.au the price rise was a result of a ‘perfect storm’ as changes to the wholesale electricity market had retailers rushing in an attempt to respond to rising demand amid falling supply and a jump in running costs of gas-fired power plants. Mr Wood said, “Those three factors are coming together to create a perfect storm. No-one forecast this.”
Have you noticed a significant rise in power bills? And what measures have you taken to cope? Please let us know in the comments.
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