‘Hard truth': Millions face energy price hike
Cash-strapped Aussies are being warned the 'cold hard truth' is electricity prices are on the rise this winter in the latest cost-of-living blow.
After the Australian Energy Regulator made its final determination for the Default Market Offering back in May, millions of households will now be getting letters or emails about their new energy rates.
The offer sets the maximum price caps for bill increases for customers paying for default plans.
These prices are meant to protect Australian households who don't shop around as well as provide a consistent benchmark so people can find an alternative retailer. Millions of Aussies face higher electricity prices. NewsWire / Nicholas Eagar Credit: NewsWire
Canstar's analysis shows Sydney electricity prices are going up 8.6 per cent, meaning the average family will now pay $145 more for their power or $1830 a year.
Melbourne energy prices spiked 6.2 per cent or $83 for the average household, setting families back $1421, while Brisbane prices are up 3.7 per cent or an average of $72, with the standard household now paying $2019 per year.
Canberrans will get the nastiest shock with their electricity prices going up 8.5 per cent and the average household now paying a further $191 to $2436 a year, while Adelaide households will pay on average $70 more a year or $2247 in total.
These figures exclude the federal government's $75 subsidy.
Under the extension of the Government Energy Bill Relief Fund, every household will get two payments of $75 a quarter automatically applied to their energy bills. Prices will vary depending on where you live, with the maximum price going up by $191. NewsWire / Emma Brasier Credit: News Corp Australia
Canstar data insights director Sally Tindall said while it was never fun to read about price hikes, Aussies should 'grit their teeth' and see if they could find a better deal.
'The cold hard truth is that electricity price hikes are pretty much inevitable in states such as NSW, Queensland and South Australia this winter after the regulator approved hikes to the reference prices across all networks in these states,' Ms Tindall said.
'The exact costs for your daily supply charge and electricity rates are up to each provider; however, unless you're on an embedded network or in a state where there are limited options, this is one bill you can, and should, take control of.'
Ms Tindall urges households to check the 'reference price' they receive in the next two weeks and compare it with other market offers.
'Electricity bills can often be ridiculously confusing, with daily supply charges, tiered electricity rates, time of day pricing and whether you've got a controlled load,' she said.
'However, if you just want to compare your options without getting into the weeds, the reference price is your friend.'
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