Latest news with #EssentialServicesCommission
Sky News AU
26-05-2025
- Business
- Sky News AU
Aussie households facing upwards of $280 extra to keep lights on during 2026 financial year as regulator sets new rates
Australians will have to pay as much as $280 extra to keep the lights on from July, the national energy regulator's latest default market offer for the 2026 financial year has revealed. The Australian Energy Regulator on Monday handed down the FY26 Default Market Offer – the maximum price a retailer can charge customers in NSW, south-east Queensland and South Australia. It applies to households and small business in those areas, while Victoria's energy regulator, the Essential Services Commission (ESC), sets the Victorian Default Offer. NSW households are copping some of the highest power price increases, with costs increasing by up to 9.7 per cent or $280 for the year. Small businesses in the state will incur an increase of up to $489 per year, equating to a 8.5 per cent increase for the coming financial year. The Australian Energy Regulator's chair Clare Savage acknowledged it was a 'difficult decision' as many Australians continue to struggle with crippling price pressures. 'We know this is not welcome news for consumers in the current cost-of-living environment,' Ms Savage said in a statement. Households in NSW are facing power price rises between 8.3 and 9.7 per cent, while those in south-east Queensland are facing jumps upwards of 3.7 per cent and South Australian households are looking at increases between 2.3 and 3.2 per cent. Victorian prices are expected to rise about one per cent on average, however, those with CitiPower are facing a 6.2 per cent surge in the coming financial year. Ms Savage said the price rises come amid 'sustained pressure' across all components of the power network and urged Aussies to shop around. 'I strongly encourage all consumers to avoid staying on an old or uncompetitive plan,' Ms Savage said. 'Contact your retailer to see if you can get a better offer or shop around. 'At least every 100 days your retailer must tell you on the front page of your bill if they can offer you a better deal.' Deputy opposition leader Ted O'Brien said the increase in power prices are "not sustainable for families, businesses and industry". "The Australian Energy Regulator's final Default Market Offer released today confirms that Australian households are now paying up to $1,300 more for electricity than Labor promised them," Mr O'Brien said in a statement. While households are copping significant price increases, small businesses in NSW will face power price rises between 5.5 and 8.5 per cent. South Australian businesses could see their prices jump by upwards of 3.5 per cent while businesses in south-east Queensland could see their bill jump 0.8 per cent. The major price hikes for those in NSW comes as the costs of building transmission lines for renewable energy output will impact power bills, according to the Australian Energy Market Operator. Overhead transmission line project costs have ballooned up to 55 per cent , leading the operator to review uncommitted projects in a bid to keep costs down.
The Advertiser
26-05-2025
- Business
- The Advertiser
Electricity prices to increase by nearly 10 per cent in some locations
Electricity prices are set to rise in some locations in Australia by nearly 10 per cent from July 1. The Australian Energy Regulator (AER) confirmed increases on May 26 of up to 9.7 per cent for some residential customers. From July 1, customers will experience increases of 8.3 per cent to 9.7 per cent in NSW, 0.5 per cent to 3.7 per cent in South East Queensland and 2.3 per cent to 3.2 per cent in South Australia. Small business customers will experience increases of 0.8 per cent to 8.5 per cent, depending on the region. AER chair Clare Savage described it as a difficult but necessary decision amid increases in wholesale, retail, network and environmental costs, especially in NSW. "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 (default market offer) have driven these price rises, with wholesale and network costs rising in most jurisdictions between one per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year." It comes as Victoria's energy regulator, the Essential Services Commission (ESC), announced on May 26 that, on average, Victorian electricity prices are expected to go up by one per cent or $20 across the five electricity distribution zones. Annual prices will rise by three per cent or $90 across the five distribution zones for small businesses. Anyone who is struggling to pay their energy bill should contact their retailer as soon as possible to discuss support, and visit the Australian government energy rebate website to make sure they are accessing all the rebates and concessions they're entitled to. Electricity prices are set to rise in some locations in Australia by nearly 10 per cent from July 1. The Australian Energy Regulator (AER) confirmed increases on May 26 of up to 9.7 per cent for some residential customers. From July 1, customers will experience increases of 8.3 per cent to 9.7 per cent in NSW, 0.5 per cent to 3.7 per cent in South East Queensland and 2.3 per cent to 3.2 per cent in South Australia. Small business customers will experience increases of 0.8 per cent to 8.5 per cent, depending on the region. AER chair Clare Savage described it as a difficult but necessary decision amid increases in wholesale, retail, network and environmental costs, especially in NSW. "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 (default market offer) have driven these price rises, with wholesale and network costs rising in most jurisdictions between one per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year." It comes as Victoria's energy regulator, the Essential Services Commission (ESC), announced on May 26 that, on average, Victorian electricity prices are expected to go up by one per cent or $20 across the five electricity distribution zones. Annual prices will rise by three per cent or $90 across the five distribution zones for small businesses. Anyone who is struggling to pay their energy bill should contact their retailer as soon as possible to discuss support, and visit the Australian government energy rebate website to make sure they are accessing all the rebates and concessions they're entitled to. Electricity prices are set to rise in some locations in Australia by nearly 10 per cent from July 1. The Australian Energy Regulator (AER) confirmed increases on May 26 of up to 9.7 per cent for some residential customers. From July 1, customers will experience increases of 8.3 per cent to 9.7 per cent in NSW, 0.5 per cent to 3.7 per cent in South East Queensland and 2.3 per cent to 3.2 per cent in South Australia. Small business customers will experience increases of 0.8 per cent to 8.5 per cent, depending on the region. AER chair Clare Savage described it as a difficult but necessary decision amid increases in wholesale, retail, network and environmental costs, especially in NSW. "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 (default market offer) have driven these price rises, with wholesale and network costs rising in most jurisdictions between one per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year." It comes as Victoria's energy regulator, the Essential Services Commission (ESC), announced on May 26 that, on average, Victorian electricity prices are expected to go up by one per cent or $20 across the five electricity distribution zones. Annual prices will rise by three per cent or $90 across the five distribution zones for small businesses. Anyone who is struggling to pay their energy bill should contact their retailer as soon as possible to discuss support, and visit the Australian government energy rebate website to make sure they are accessing all the rebates and concessions they're entitled to. Electricity prices are set to rise in some locations in Australia by nearly 10 per cent from July 1. The Australian Energy Regulator (AER) confirmed increases on May 26 of up to 9.7 per cent for some residential customers. From July 1, customers will experience increases of 8.3 per cent to 9.7 per cent in NSW, 0.5 per cent to 3.7 per cent in South East Queensland and 2.3 per cent to 3.2 per cent in South Australia. Small business customers will experience increases of 0.8 per cent to 8.5 per cent, depending on the region. AER chair Clare Savage described it as a difficult but necessary decision amid increases in wholesale, retail, network and environmental costs, especially in NSW. "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 (default market offer) have driven these price rises, with wholesale and network costs rising in most jurisdictions between one per cent and 11 per cent, and retail costs between 8 per cent and 35 per cent compared with last year." It comes as Victoria's energy regulator, the Essential Services Commission (ESC), announced on May 26 that, on average, Victorian electricity prices are expected to go up by one per cent or $20 across the five electricity distribution zones. Annual prices will rise by three per cent or $90 across the five distribution zones for small businesses. Anyone who is struggling to pay their energy bill should contact their retailer as soon as possible to discuss support, and visit the Australian government energy rebate website to make sure they are accessing all the rebates and concessions they're entitled to.
ABC News
23-05-2025
- Business
- ABC News
Hepburn Shire Council sparks community outrage with one-year 10 per cent rates rise
Residents of Hepburn Shire, home to the tourist town of Daylesford in Victoria, are furious the cash-strapped council is pushing through a one-year 10 per cent rates increase. Earlier this month the Essential Services Commission approved the extra 7 per cent on top of the 3 per cent cap set by the state government. "We've had to find some more money and that's what we're attempting — to do it as a once off, said Hepburn Shire Council Mayor Don Henderson. Faced an annual $4 million cash shortfall, Hepburn Shire Council said the rates increase would generate an additional $1.36 million in revenue to be invested directly into necessary services and infrastructure. The council had been plagued by financial woes in the past decade. It lost $5.65 million in a failed Rex project which began in 2016 and was meant to transform a Daylesford art deco building into a multi-use centre for residents and the council. Cr Henderson said the failed project was only partly to blame for the rates increase. "We have a lot of heritage buildings and we have to maintain those," he said. He said the clean up following "fairly devastating" storms in Trentham and Creswick in 2021 and 2022 also cost the council $3.5 million. The council's draft budget for 2025-'26, including the double digits rates increase, is open for public feedback until June 5. According to the council the increase would see ratepayers pay on average an extra $2.20 per property per week. Blampied resident Cameron McPherson was among the ratepayers furious about the increase. "When you put this in combination with this new fire services levy it is going to affect my wife and I to the tune of $2,000 to $3,000 extra a year," he said. Mr McPherson said he wanted to see some "accountability". "If you're going to put up rates by 10 ten per cent in this cost of living crisis then you need to justify it and they aren't justifying it," he said. Deborah Clarke and her wife Lousie McLachlan live in the Hepburn Shire and have a business in Daylesford. They expect to pay an extra $300 to $400 a year on top of "a cost of living crisis". Ms Clarke and Ms McLachlan said a lack of community consultation was driving community anger. "We've been screaming for an indoor pool for 25 years." Cr Henderson said the rate rise had to be justified to the Essential Services Commission. "We had to show the commission we've tried other methods of raising money — be that by asset sales, or loans and cutting our costs in some areas," Cr Henderson said. "It's regrettable but necessary. We're trying to [cause] as little impact as we can but we still do have to find the money." Despite the rent increase Cr Henderson said Hepburn had the 60th lowest rates out of 79 councils in the state, and the rates increase would only be for this year. The ABC contacted the Muncipal Association of Victoria but it declined to comment, saying it was up to councils to set rates as they see fit.
The Guardian
15-05-2025
- Business
- The Guardian
Australia news live: Ben Roberts-Smith awaits appeal verdict
Show key events only Please turn on JavaScript to use this feature Cait Kelly In Victoria, the Essential Services Commission is expected to propose a suite of reforms today aimed at easing energy hardship. The proposed changes will include obligations for retailers to move customers receiving assistance under the Payment Difficulty Framework onto their cheapest plan, and address the 'loyalty penalty' where consumers on expensive contracts more than four years old must be switched to a reasonable price. In response, Consumer Action Law Centre said it strongly supports the draft decision, which will help the increasing number of Victorians struggling with energy costs and growing debt. Consumer Action senior policy officer, Eirene Tsolidis Noyce said: People who call the National Debt Helpline tell us they often forego other expenses in order to meet their electricity costs - one of the proposals is that people experiencing energy poverty are identified and supported to find a more competitive offer and prevented from accruing larger debts. The ESC's draft decision estimates Victorians could save up to $730 per year on electricity, and up to $1,890 per year on gas bills by requiring retailers to automatically switch consumers in payment difficulty to their best offer. For those stuck on bad deals, the dollar amount is likely to be much higher. These reforms will address some longstanding issues in the energy market, making it easier for Victorians to access an affordable energy price. Share Good morning and welcome to our live news blog. I'm Martin Farrer with the top overnight stories and then my colleague Rafqa Touma will take over. Our top story this morning concerns the meeting yesterday between the new Liberal leader, Sussan Ley, and her Nationals counterpart, David Littleproud. Ley said progress on a new cooperation agreement with the Nationals would take time, but the problem areas promise to be a Nationals push to ditch net zero policies and even end the longstanding coalition with the Liberals. More coming up. It's a huge day in the courts for disgraced special forces veteran Ben Roberts-Smith, who will learn today whether he has cleared his name of war crime allegations. The ruling by three justices is expected in Sydney this morning and we'll have their verdict as soon as it's out. Share
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
Power bills could be cut by up to $730 a year under proposed laws
Electricity and gas companies would be forced to give customers stuck on expensive contracts better deals under new rules which the Essential Services Commission says would save Victorians an average of $225 a year. The state's water and power regulator has proposed new laws that would require power retailers to put households struggling to pay their bills onto their cheapest plan. This would apply to any customer who has asked for help with their bills or with unpaid debts more than three months overdue or above $1000. The commission estimates this would benefit 75,000 electricity and 60,000 gas customers almost immediately, saving them up to $16.8 million. In the most extreme cases, these people could save $730 a year on their bills. But the rules would also kick in for households stuck on older, expensive contracts who have not shopped around for cheaper offers – a phenomenon the commission calls a 'loyalty tax' by which customers are punished for not moving. Loading Victorians on contracts that are four years old would be automatically moved to more affordable plans. The second reform is estimated to benefit between 27,000 and 53,000 customers, saving between $10.1 million and $12.2 million in total. In the last financial year, more than 60 per cent of electricity and gas customers were not on their retailer's best offer, the commission calculated.
