Are you paying too much? Energy prices surge hits millions of Aussies
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Here at the Seniors Discount Club, we get just as frustrated as everyone else when it comes to the cost of living.
The price of groceries keeps getting higher and higher, the cost of petrol just won't stay put, and now, thanks to a recent rise in energy prices, we can add power bills to that list.
Millions of Australians across the country are struggling to stay afloat amid the cost of living crisis, and the latest power bill increase has certainly not helped.
In fact, electricity tariffs have significantly increased in most states, with a staggering rise of 19 to 25 per cent since July 1. Residential customers of AGL in NSW and SA have experienced even higher jumps, reaching up to 45 per cent.
On average, AGL bills in NSW increased by 29.7 per cent ($540 per year), while in SA, the increase was 29.8 per cent ($565 per year).
In Queensland, the average bill rose by 26.4 per cent ($447 per year).
Victorians were not spared either, as their average bill rose by 25.5 per cent, costing them an additional $341 annually. Perhaps the most shocking increase was observed in one AGL customer in NSW, whose energy bill surged by an astonishing 54.5 per cent.
The customers of Origin Energy were not spared either, as prices have increased by over 20 per cent annually across all states.
Among the Origin customers, those in Victoria are the most affected, experiencing a staggering 25.5 per cent increase, equivalent to $361 per year. Following closely is South Australia, with a rise of 24.2 per cent, amounting to $405.
In Queensland, households will have to allocate an additional $346 per year on average due to a significant increase of 21.6 per cent. Meanwhile, customers in New South Wales have faced hikes of 21.1 per cent or $407.
It's clear that the surge in energy prices has been felt by households in each of the states, with the Australian Energy Regulator (AER) claiming that 'wholesale energy costs' are 'predominantly' behind the hikes.
'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important that the DMO provides a safety net for those who might not have shopped around for a better power deal,' said AER Chair Clare Savage.
As a result, AGL said they would commit to increasing customer support funding by at least $70 million over the next two years.
This includes giving bill credits for customers who have seen a more than 45 per cent rise in their energy bills, as well as offering extra financial assistance for low-income households, pensioners, self-funded retirees, families and carers.
But AGL warned this still isn't enough to make up for the staggering electricity costs, saying that the increase in energy prices was mainly being driven by 'unprecedented market volatility from increases in global fuel prices due to geopolitical factors and volatile market conditions, along with supply disruptions'.
'Our decision to increase prices for our market contract customers is based on a detailed consideration of a range of factors including wholesale prices, network charges, retail operating costs, customer affordability and the value we offer to our customers,' they said.
It's important to remember that there are still ways you can save money on your energy bill—whether it's through shopping around for good deals or taking advantage of discounts or government assistance if you're eligible.
It definitely pays to do some research on your local energy providers, as the rates and discounts they offer can vary depending on where you live and what type of energy you're looking to buy.
It might seem like a hassle, but we promise it'll be worth it when you're able to get more bang for your buck when it comes to your power bill.
We encourage you to talk to your local energy provider and see if there's any way you can save yourself some extra cash—especially during this time of already soaring expenses!
Do you have other energy-saving tips and advice? Let us know in the comments below!
The price of groceries keeps getting higher and higher, the cost of petrol just won't stay put, and now, thanks to a recent rise in energy prices, we can add power bills to that list.
Millions of Australians across the country are struggling to stay afloat amid the cost of living crisis, and the latest power bill increase has certainly not helped.
In fact, electricity tariffs have significantly increased in most states, with a staggering rise of 19 to 25 per cent since July 1. Residential customers of AGL in NSW and SA have experienced even higher jumps, reaching up to 45 per cent.
On average, AGL bills in NSW increased by 29.7 per cent ($540 per year), while in SA, the increase was 29.8 per cent ($565 per year).
In Queensland, the average bill rose by 26.4 per cent ($447 per year).
Victorians were not spared either, as their average bill rose by 25.5 per cent, costing them an additional $341 annually. Perhaps the most shocking increase was observed in one AGL customer in NSW, whose energy bill surged by an astonishing 54.5 per cent.
The customers of Origin Energy were not spared either, as prices have increased by over 20 per cent annually across all states.
Among the Origin customers, those in Victoria are the most affected, experiencing a staggering 25.5 per cent increase, equivalent to $361 per year. Following closely is South Australia, with a rise of 24.2 per cent, amounting to $405.
In Queensland, households will have to allocate an additional $346 per year on average due to a significant increase of 21.6 per cent. Meanwhile, customers in New South Wales have faced hikes of 21.1 per cent or $407.
It's clear that the surge in energy prices has been felt by households in each of the states, with the Australian Energy Regulator (AER) claiming that 'wholesale energy costs' are 'predominantly' behind the hikes.
'We know households and small businesses continue to face cost-of-living pressures on many fronts, and that's why it's important that the DMO provides a safety net for those who might not have shopped around for a better power deal,' said AER Chair Clare Savage.
As a result, AGL said they would commit to increasing customer support funding by at least $70 million over the next two years.
This includes giving bill credits for customers who have seen a more than 45 per cent rise in their energy bills, as well as offering extra financial assistance for low-income households, pensioners, self-funded retirees, families and carers.
But AGL warned this still isn't enough to make up for the staggering electricity costs, saying that the increase in energy prices was mainly being driven by 'unprecedented market volatility from increases in global fuel prices due to geopolitical factors and volatile market conditions, along with supply disruptions'.
'Our decision to increase prices for our market contract customers is based on a detailed consideration of a range of factors including wholesale prices, network charges, retail operating costs, customer affordability and the value we offer to our customers,' they said.
Key Takeaways
- Power bills have surged by almost 50 per cent for millions of Australians who are customers of AGL, Origin Energy and Energy Australia.
- AGL customers from NSW and SA have been hit hardest, with price increases of over 45 per cent.
- Energy retailers attribute the rises to 'unprecedented market volatility', increases in global fuel prices and supply disruptions.
- The Australian Energy Regulator claims that 'wholesale energy costs' are 'predominantly' behind the hikes.
It's important to remember that there are still ways you can save money on your energy bill—whether it's through shopping around for good deals or taking advantage of discounts or government assistance if you're eligible.
It definitely pays to do some research on your local energy providers, as the rates and discounts they offer can vary depending on where you live and what type of energy you're looking to buy.
It might seem like a hassle, but we promise it'll be worth it when you're able to get more bang for your buck when it comes to your power bill.
We encourage you to talk to your local energy provider and see if there's any way you can save yourself some extra cash—especially during this time of already soaring expenses!
Do you have other energy-saving tips and advice? Let us know in the comments below!