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Sydney Morning Herald
26-05-2025
- Business
- Sydney Morning Herald
Higher power bills to kick in from July
The Australian Energy Regulator released a draft decision on power price rises in March for consultation with power companies and other stakeholders. Loading Its prices have remained relatively stable, with the average default offer in Victoria rising $8 in the final determination. Essential Energy in regional NSW had the highest variation between the draft and final determination, with a rise of $28. Price rises were attributed to a range of factors affecting renewable and fossil-fuel sources. A significant driver of higher power prices, the regulator said, was breakdowns at coal-fired power plants, which require increased reliance on gas-fired power plants that draw on the highest cost fuel source. Renewables were also a contributing factor, with rising infrastructure costs to pay for new transmission lines needed to link wind and solar farms to population centres, as well as stretches of low wind that forced increased reliance on fossil fuels. Renewables currently supply more than 40 per cent of the electricity in the grid, and the Albanese government is aiming to make it 82 per cent by 2030. Prime Minister Anthony Albanese promised at the 2022 election that the green power shift would cut power bills by $275 by 2025. However, bills have risen by up to $400 for some residents in NSW and up to $250 for some Victorians since the Albanese government was elected. Albanese said the renewables transition was an important element of the government's plan to cut emissions to address the impact of climate change 'People who question the science need to look out their window,' Albanese said on Monday as he addressed media from the National Situation Room, where he was briefed on the impact of floods on NSW North Coast. 'We know the cheapest form of new energy is renewables, backed by gas, backed by batteries and backed by hydro for firming capacity. 'We've always had floods and droughts in Australia … but what we do know is that they are more frequent and they are more intense.' The regulator's chairwoman Clare Savage said customers could get better deals than the default offer by shopping around using the free, independent Energy Made Easy website. 'You cannot have a shift to renewables without having confidence because you will lose community support if people walk into this room here and flick on the switch and the lights don't go on,' Savage said. 'We need to make sure that there is security of energy supply at the same time as we support the transition.' Savage said while the cost of expanding electricity networks had contributed to higher bills over the coming 12 months, she expected the new infrastructure to help lower bills over the medium to long term. 'As we start to see increased use of the system, from increased demand, we should see that cost pressure in bills come down,' Savage said, noting the uptake of electric cars and appliances such as hot water heaters and reverse cycle air conditioners. Energy Minister Chris Bowen announced in April that the government would offer another round of energy bill relief worth $150 for households, valid until the end of the year. Homeowners with solar panels can also save 30 per cent on a one-off home electric battery purchase, in a scheme to start on July 1. Loading 'It's clear energy bills for Australians remain too high, and we're providing help for people doing it tough as we deliver longer term reform,' Bowen said. The default market offer operates as a price cap and offers up to 27 per cent cheaper are available, depending on location. Bowen said around 80 per cent of households are not on the cheapest plan and he encouraged people to visit the Energy Made Easy website or
The Age
26-05-2025
- Business
- The Age
Higher power bills to kick in from July
The Australian Energy Regulator released a draft decision on power price rises in March for consultation with power companies and other stakeholders. Loading Its prices have remained relatively stable, with the average default offer in Victoria rising $8 in the final determination. Essential Energy in regional NSW had the highest variation between the draft and final determination, with a rise of $28. Price rises were attributed to a range of factors affecting renewable and fossil-fuel sources. A significant driver of higher power prices, the regulator said, was breakdowns at coal-fired power plants, which require increased reliance on gas-fired power plants that draw on the highest cost fuel source. Renewables were also a contributing factor, with rising infrastructure costs to pay for new transmission lines needed to link wind and solar farms to population centres, as well as stretches of low wind that forced increased reliance on fossil fuels. Renewables currently supply more than 40 per cent of the electricity in the grid, and the Albanese government is aiming to make it 82 per cent by 2030. Prime Minister Anthony Albanese promised at the 2022 election that the green power shift would cut power bills by $275 by 2025. However, bills have risen by up to $400 for some residents in NSW and up to $250 for some Victorians since the Albanese government was elected. Albanese said the renewables transition was an important element of the government's plan to cut emissions to address the impact of climate change 'People who question the science need to look out their window,' Albanese said on Monday as he addressed media from the National Situation Room, where he was briefed on the impact of floods on NSW North Coast. 'We know the cheapest form of new energy is renewables, backed by gas, backed by batteries and backed by hydro for firming capacity. 'We've always had floods and droughts in Australia … but what we do know is that they are more frequent and they are more intense.' The regulator's chairwoman Clare Savage said customers could get better deals than the default offer by shopping around using the free, independent Energy Made Easy website. 'You cannot have a shift to renewables without having confidence because you will lose community support if people walk into this room here and flick on the switch and the lights don't go on,' Savage said. 'We need to make sure that there is security of energy supply at the same time as we support the transition.' Savage said while the cost of expanding electricity networks had contributed to higher bills over the coming 12 months, she expected the new infrastructure to help lower bills over the medium to long term. 'As we start to see increased use of the system, from increased demand, we should see that cost pressure in bills come down,' Savage said, noting the uptake of electric cars and appliances such as hot water heaters and reverse cycle air conditioners. Energy Minister Chris Bowen announced in April that the government would offer another round of energy bill relief worth $150 for households, valid until the end of the year. Homeowners with solar panels can also save 30 per cent on a one-off home electric battery purchase, in a scheme to start on July 1. Loading 'It's clear energy bills for Australians remain too high, and we're providing help for people doing it tough as we deliver longer term reform,' Bowen said. The default market offer operates as a price cap and offers up to 27 per cent cheaper are available, depending on location. Bowen said around 80 per cent of households are not on the cheapest plan and he encouraged people to visit the Energy Made Easy website or
Yahoo
26-05-2025
- Business
- Yahoo
Aussies facing major bill price hike
NSW households could have energy bill increases of up to 9.7 per cent from July 1, with South Australian and south east Queensland customers facing a hit of up to 3.7 per cent, according to the energy regulator. The figures were released in the final determination of the Default Market Offer, set by the Australian Energy Regulator (AER) on Monday. The offer sets the maximum price caps for bill increases for residential customers on standing offer plans in the 2025-26 financial year. Households in south east Queensland will see prices increase by 0.5 per cent to 3.7 per cent, South Australians face price hikes of between 2.3 per cent and 3.2 per cent, while NSW residents will be hit the hardest, with increases between 8.3 per cent and 9.7 per cent. Prices for NSW residents were slightly higher than the hikes listed in the AER's April draft determination. AER chair Clare Savage attributed the increases to the rising cost of energy production. 'We know this is not welcome news for consumers in the current cost-of-living environment,' she said. 'As noted in our draft determination, sustained pressures across almost all components of the DMO have driven these price rises, with wholesale and network costs rising in most jurisdictions between 1 per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year.' Modelling by Canstar Blue estimates annual power prices for the 2025-26 financial year will increase between $71 to $228 for households. The increase will hit NSW customers with Essential Energy the hardest, with the average annual electricity bill tipped to increase by 9.1 per cent from $2513 to $2741. Energy Minister Chris Bowen acknowledged that energy bills remained 'too high,' and urged households to compare plans using platform's like the government's Energy Made Easy comparison tool. 'With energy plans that are between 18 per cent and 27 per cent cheaper than the DMO it's worth shopping around,' he said. 'We also know 80 per cent of households aren't on the cheapest energy plan they could be which is why we're making it easier for households to find and switch to better plans. Check the Energy Made Easy website or for the cheapest plans in your area.' Error while retrieving data Sign in to access your portfolio Error while retrieving data
The Guardian
14-03-2025
- Business
- The Guardian
Australians are about to get bigger electricity bills. What can you do to keep costs down?
Hundreds of thousands of Australians will be slugged with higher energy prices after 1 July, as authorities warn they will be upping the maximum level energy companies can charge. The headache for households will come as the federal government's $300 energy rebate ends and the country goes into winter. As consumers brace for this triple threat of bill pain, experts say there are small things owners and renters can do to help elevate the pressure in their hip pockets. Energy companies are required to tell you if you're not on the cheapest plan, says the Canstar Blue data insights director, Sally Tindall. 'It typically is on page one, and it says you could be saving money on a cheaper plan,' Tindall says. 'If you've got that message on your bill, that's a red flag that you need to haul your electricity provider over the coals and make sure that you're on a competitively priced plan that suits your needs.' Data from Canstar shows Sydney consumers could save $385, Melbourne consumers could save $318 and Brisbane residents could save $475 by switching from the average plan to the most affordable. In Adelaide, the possible savings are $424, while in Hobart it's $139 and $444 for Canberra. Some consumers have taken the set-and-forget approach to their electricity, but Liz Stephens, Energy Consumers Australia's general manager, says people should be savvy and shop around. 'The energy market is basically designed to encourage 'honeymoon deals' to acquire new customers – and it then puts the onus on the customer to switch once the honeymoon period ends,' Stephens says. Consumers can check the Energy Made Easy website, a free Australian government energy price comparison service for households and small businesses, she says. It takes about 15 minutes and can save hundreds of dollars. She recommends people use it once, if not twice, a year. Sign up for Guardian Australia's breaking news email Homeowners have the option of investing in solar or insulation, which can save thousands in the long run. But it's harder for renters, Tindall says. If the landlord agrees, renters can use sealant or tape to fix drafts and holes, which can help keep in warm air in winter and keep it out in summer. 'Even things like making sure the fridge is in an efficient location can have an impact on how much energy it uses,' she says. 'Keeping your fridge away from direct sunlight, keeping your fridge away from an oven, they're really important things to think about.' Throwing rugs over tiled areas; using heavy curtains; closing them to keep the heat out in the day, or opening them in winter; can help too, she says. Small changes to the use of power can make a big difference, Tindall says. Making sure appliances are turned off at the wall when you're cooking on the stove, putting a lid on, and using an air fryer over the oven where possible, are all small tweaks that can add up. 'Having shorter showers,' she says. 'No one likes that idea, but now is a great time to start having shorter showers. 'Build that into your routine that they're shorter while the weather is warmer. Because I think when winter hits, the inclination is for people to just sit in the shower and warm up that way, which can be very expensive.' If you're starting to struggle, Tindall says to contact your retailer straight away. The law requires retailers to help. Check the different concessions each state offers for bills, especially if you have a pension or healthcare card. 'I would strongly recommend calling the national debt helpline,' Tindal says. 'The number is 1800 007 007, they can put you in touch with a free financial counsellor who can look through your finances and help you make a plan.'
