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More than 215,000 Australians, struggling to manage their electricity bills, might experience worsening conditions as the country’s leading networks and providers increase prices for millions of households by up to 13.5 percent starting today.
The Australian Energy Regulator’s recent report indicated that the number of people in debt from January to March increased by seven percent compared to the previous quarter and five percent compared to the same period last year.
The average debt rose to $1415, up by $20 from the last quarter and $309 year-on-year.
These households will continue to be hit as energy regulators and providers increase their prices from today.
“Starting today, over four million households will encounter higher electricity costs, potentially adding more than $200 to the annual bill for an average household,” stated Sally Tindall, data insights director at Canstar Blue.
The annual cost of electricity for the average household on a default plan in New South Wales, south-east Queensland and South Australia will increase by up to $228 due to changes to the default market price announced by the Australian Electricity Regulator in May.
Origin is raising market plan prices by 9.1 per cent in New South Wales, 5.5 per cent in South Australia and 3.1 per cent in south-east Queensland.
Meanwhile, AGL is increasing market plan prices by a whopping 13.5 per cent in New South Wales, 7.8 per cent in South Australia and 7.5 per cent in south-east Queensland.
Origin customers in Victoria and the Australian Capital Territory, and AGL customers in Victoria, will see the same market plan price increases on August 1.
EnergyAustralia will raise prices in New South Wales, Victoria and the Australian Capital Territory on August 1 and Queensland and South Australia on September 1.
Households will, however, see some relief from the federal government’s extension of its $75-a-quarter energy bill relief scheme until the end of the year.
But, according to Canstar Blue, customers can save even more â between $144 and $390 a year â if they switch from an average-priced plan to the lowest plan on their network.
“Electricity price hikes might feel unavoidable, however, switching providers can potentially bring real relief, especially for those who haven’t switched providers in more than a year,” Tindall said.
“Our research shows that if you switch from an average-priced plan to the lowest, you could potentially save over $300, depending on where you live.
“That’s proper relief, in addition to the extra $150 coming down the line from the federal government.”
