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Australians are likely to see their power bills increase by around $100 as the price of wholesale electricity soars.

The Australian Energy Market Operator’s (AEMO) latest report shows that wholesale electricity prices have more than doubled in the last 12 months.

Financial comparison site Finder says that when electricity market rates are reset on July 1, the power bills of households will increase no matter who wins the federal election.

Aussies are expected to cop on average a $100 price hike once market rates are reset on July 1.

Finder’s energy expert, Mariam Gabaji, said now was a good time to shop around for the best deal on energy plans.

“You have two different types of energy plans on the market: those that offer fixed rates for a certain period (such as 12 months) or others that have variable rates,” Gabaji said.

“If you don’t like switching electricity plans often in search of the cheapest variable rates, you’re likely to benefit from a fixed-rate plan instead.”

As wholesale energy prices increase, many are expected to feel the impact on their household bills.
As wholesale energy prices increase, many are expected to feel the impact on their household bills. (AAP)

Joel Gibson from One Big Switch said increases in energy bills will compound the pain for Aussies already hurting from soaring inflation.

“This is just the beginning, unfortunately. Retailers are being very cagey about price hikes but they’re coming, and different retailers will be impacted in different ways depending on where they source their power,” Gibson said.

“We want anyone who has received a price hike letter to send it to us so we can paint a fuller picture and tell Australians where the biggest price hikes are.

“If you’re not prepared to shop around and switch this year, your power bill could end up ballooning by hundreds of dollars, on top of groceries, petrol and mortgage increases.”

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The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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