Electricity price rises locked in from July 1


electrPOWER prices are set to rocket after three major retailers announced increases of up to 20 per cent and $600 a year for the average customer in some states.

Origin, EnergyAustralia and AGL have all announced price increases for electricity and gas starting from July 1.

Small businesses may be the hardest hit, especially Origin customers in South Australia, which will see prices rise by a whopping $1453 a year when increases to gas and electricity bills are combined.

The biggest increase for residential customers will be for AGL customers in ACT, who will pay an extra $579 a year for a combined electricity and gas rise.

In NSW, residential EnergyAustralia customers will see electricity prices increase by up to 19.6 per cent. Origin Energy customers will get a 16.1 per cent rise.

The price hikes will take effect from July 1.

In its announcement today, EnergyAustralia blamed recent rises in wholesale prices following the closure of large coal-fired power stations, as well as increased demand for gas for export.

While wind and solar are cheaper, their prices don’t include the cost of battery storage and pumped hydro to ensure stability of their supply.

“So the only obvious conclusion is we’re not going back to $40Mwh any time soon,” Mr Wood said.

“In some ways the negligence of the government is to seek to blame somebody else and not the recognise and communicate to consumers that this is where we are, and we can’t turn back to the good old days.

“We have no choice but to move forward as affordably and reliably as we can.”

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