As millions of Australians have been hit with electricity price surges since July, the Australian Competition and Consumer Commission (ACCC) has raised concerns that electricity bills are too high. In May, the Australian Energy Regulator released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers…
Australian Energy Giant Sued for Allegedly Manipulating Electricity Prices
One of Australia’s top energy companies has been sued for allegedly using bids to manipulate power prices and inflict financial damage on customers. In early June, law firm Piper Alderman announced that it had launched a class action lawsuit against energy giant AGL following an investigation into abnormal hikes in electricity spot prices in South…
Australians to Face New Wave of Electricity Bill Surges
May 25, 2023
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Australiaaustralian energy regulatorBusiness & MarketsChris Boweneconomyelectricity pricesenergyinflationWorld
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Hundreds of thousands of Australian households will see their electricity bills surge by up to $600 (US$390) this July 1 in the latest wave of price increases. The Australian Energy Regulator (AER) has released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in three…
Australians to Face Steep Electricity Price Increases Despite Coal and Gas Price Caps
Australian households struggling with high living costs will be hit harder when the winter comes as electricity prices are expected to rise sharply in the next few months. However, regulators said the price rises would be much lower than what was forecasted before the federal government intervened in the energy market by capping coal and…
Delays to Queensland Power Station’s Repair Risk Inflating Electricity Prices
A major coal-fired power station in Queensland has experienced a delay in repair, which is likely to stretch electricity supplies and prices in the state at a time when an energy crisis is sweeping Australia. On March 8, Queensland-owned CS Energy announced an extension to the return to service dates of two generation units at…
8 Easy Ways to Cut Your Electricity Bill
The mail arrives. The electric bill is right on top. Shove it to the bottom of the stack. Finally, hands shaking, open it, knowing you’ve been negligent. Lock eyeballs with the amount due. Higher than it has ever been. Sure, rates are skyrocketing; everyone is being impacted. But that does not make this easier to…
Double Digit Rise in Electricity Prices to Continue in 2023
Commentary There have been many sighs of relief exhaled across the United States in recent days as inflation continues to slow. New data shows that Consumer Price Index (CPI) inflation has declined for the sixth month in a row, down from 9.1 percent in June 2022 to 6.5 percent in December 2022. This is all…
Australia’s Wholesales Electricity Prices Drop in the 2022 December Quarter
Australia’s wholesale electricity prices have decreased considerably after reaching record highs in 2022 due to disruptions from Russia’s invasion of Ukraine, local power station malfunctions and supply issues. According to the latest Australian Energy Market Operator (AEMO) quarterly energy report, the average wholesale electricity in the National Energy Market (NEM), which covers all states and…
Australian Taxpayers to Fund $450 Million Compensation Bill to Queensland Power Plant
Australian taxpayers will be footing a bill of up to $450 million (US$300 million) to compensate for the potential losses incurred by a power station due to the Labor government’s energy price relief policy. Mining giant Rio Tinto, the major shareholder of the Gladstone Power Station, will receive the lump sum to offset the impact…
Australian Electricity Prices Surge by 25 Percent Since April
The Australian consumer watchdog has stated that electricity bills for households across the country soared by $300 (US$187) on average in the past six months. Speaking to a parliamentary committee, Australian Competition and Consumer Commission (ACCC) chairwoman Gina Cass-Gottlieb said this amount equalled a 25 percent increase in electricity prices for an average household. The…
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