Power play: Electricity price updates July 2016
Thursday 12 January 2017
Article by Shubhda Khanna Nag
July 1 has come and gone, which generally means one thing when it comes to the energy market - higher electricity prices.
Why? Well, the reason is simple. Every year energy providers in SA, QLD, NSW and ACT review their prices - based on things like network fluctuations, metering and wholesale and green energy costs - and then decide if these factors give them reason to increase their electricity tariffs. And more often than not, they do...
BTW Victoria goes through a similar review at the beginning of the year in January.
Key highlights from the July electricity price rise
- South Australia (which already has Australia’s highest electricity prices) will see the biggest spike in power bills with major retailers like AGL, EnergyAustralia and Origin Energy announcing price hikes between 6.5 and 13%. According to Mozo calculations, a 3-person household in South Australia could see more than $300 extra added to the average annual electricity bill.
- New South Wales will also feel the pinch of an electricity price rise after the Australian Energy Regulator (AER) gave its nod for distributors to raise network charges despite its efforts to slash power costs earlier this year. The total electricity price increase for households in the state is estimated to be around 15% or $280 a year.
- Queensland will see a relatively lower increase in electricity prices with average bills increasing by 5%, which would amount to an average annual price hike of around $96.
Energy provider prices change summary
Here’s a detailed look at what the electricity price changes starting July 1 will look like across different states and providers. The following price estimates are based on standing offers with average state-wise usage for a 3-person household according to AER benchmarks.
Compare the latest plans in your area
Don’t wait till the end of winter to switch plans. Many energy retailers are offering a range of incentives, here are some of the latest offers available:
1. Dodo Power & Gas Market Offer: Gets you $100 off your first bill plus a 20% pay on time discount.
Available in: NSW, SA and QLD
2. Powershop Online Saver: Perfect for renewable energy supporters, Powershop offers 100% green electricity plus guaranteed discounts when you pay online.
Available in: NSW
3. Lumo Velocity: This one’s ideal for jet-setters who are always on the lookout for new ways to rack up rewards points. Lumo’s plan gets you an instant 10,000 bonus Velocity Points when you sign up and 6 points for every dollar you spend on your energy bill.
Available in: SA and QLD
4. Momentum Energy Smile Power Plus: The plan comes with a $50 credit for switching online.
Available in: NSW and SA
To compare all plans in your area (including new tariffs), simply plug your postcode into our award-winning energy comparison tool now or to learn more about ways to save on energy head over to our Energy Saving Tips Hub.