How much will electricity prices rise in 2017 across Australia?
Electricity bill shock energy cost
Increases from $28 to $204, depending on the state.
Residential electricity bills across Australia are expected to rise in every state, aside from Queensland and Tasmania, over the next two years, according to the latest research.
Analysing the Australian Energy Market Commission’s (AEMC) 2016 Residential Electricity Price Trends report, future electricity prices looks set to rise throughout most parts of the country, driven by substantial increases in wholesale costs following the cessation of operations at the Hazelwood coal-fired power station in Victoria.
Electricity bills are anticipated to rise between $28 and $204 by 2018/19, depending upon where you live, compared with a scenario where Hazelwood did not close.
The report also expects a modest increase in network costs for a number of areas, although the distribution of network revenues in NSW, ACT, Victoria and South Australia pose a challenge.
The highest paying customers in 2018/19 are expected to be Tasmanians ($1,899) and those in the Northern Territory ($1,855). Victorians ($1,185) are anticipated to receive the cheapest electricity bills.
Wholesale costs will push up electricity costs by an average 3.9% per year over the next two years. Prices are estimated to rise just 0.9% in 2017/18 but a much larger increase (6.9%) is anticipated in 2018/19.