The Australian Energy Market Operator (AEMO) has predicted electricity price hikes of up to 40 per cent over the next 24 months, in a sobering development for households already battling skyrocketing costs.
AEMO’s report comes amid growing pressure on the Morrison Government to act on soaring power bills — with the government repeatedly blaming state governments’ energy policies, but critics pointing to its own lack of climate change policy and delays on regulatory reforms.
Labor is calling on the Government to adopt its plan to halve power bills within two years. Opposition energy spokesman Mark Butler said an “extraordinary” 141 per cent surge in electricity prices was due to retailers hiking their rates, with figures showing NSW households were hit hardest by increased bills.
See “Wholesale power prices soared 141 per cent, year on year, and households should brace for more” ABC by reporter Daniel Mercer
What States are the Most Affected by Rising Electricity
The Australian Competition and Consumer Commission (ACCC) released its latest report on electricity prices in Australia on Wednesday, revealing that some consumers are paying up to $300 more than what they were paying last year.
The ACCC’s report showed that Queenslanders saw the highest increase in their electricity bills at around $400, while Western Australians and Victorians also saw increases of around $300.
According to the report, these price increases occurred in states with the biggest dependence on coal and gas, and the market volatility for those fuels was having an outsized effect on power prices.
How to Beat the Energy Price Hike
Energy prices are rising, so we’ve got some tips for how to beat rising energy prices. The first thing you should know is renewable energy provides a natural hedge to this, while also decarbonising the grid.
Renewable energy provides cheap electricity, energy independence, so the price of electricity generated by a solar power system is effectively fixed. Fossil fuels become more expensive and their use becomes less desirable due to climate change concerns, renewable technologies are becoming increasingly attractive — and they’ll remain so even if fossil fuel prices come down again in future years.
Solar technologies have come a long way and are now very efficient, meaning they’re able to produce greater amounts of energy for less money with more reliability.
It’s never been a better time to protect your family from energy inflation, 1 in 4 Australian households have already protected their families. Fix your electricity bill with your own renewable solar power solution. Make the most of the government’s generous incentive program to offset the solar installation cost & eliminate energy inflation.
If you’d like to find out more about installing a solar power system, battery solution and what government incentives you’re eligible for please contact us here.