Electricity price updates July 1 2017
Saturday 01 July 2017
The July 1 energy price hikes are on their way, and this year the cost of keeping the lights on is set to spike sharply.
Each year energy retailers in Australia re-evaluate their electricity tariffs, based on a number of factors such as network fluctuations and wholesale costs. Unfortunately for Aussie households, this often means an increase in electricity bills.
This year, the wholesale cost of electricity was on the rise with many industry experts pegging the blame on an increased investment in renewable energy and the closure of coal stations such as Hazelwood in Victoria and the Northern Power Station in South Australia.
Another factor was the increasing price of natural gas, which has been attributed to a shortage in the domestic market - despite the fact that Australia is set to soon become the largest natural gas exporter in the world.
All this is pointing to considerable price hikes in 2017, which will see power bills in South Australia, New South Wales and Queensland rise by as much as $400 a year.
Key highlights from the July electricity price rise
- South Australia - South Australia is set to be hit hardest by the price increases, with hikes of up to 19.9%, or $390 a year.
- New South Wales - Residents of New South Wales are facing the next greatest rise, looking at an extra $319 on their annual electricity bill.
- Queensland - The sunshine state may escape the worst of the price hike, largely because government-owned distribution companies were instructed to keep prices low by removing the fees for the solar-bonus scheme from customers bills.
Energy provider prices change summary
Wondering what the price changes mean for your electricity bills? Mozo is crunching the numbers to give you a detailed look at the changes across the energy market in affected states, so keep an eye on this space for updates as the changes happen.
Our calculations are based on a 3 person household with an average daily power usage. To get a quote specific to your household, head over to our energy plan comparison tool.
Find the best energy plan for your home
Feeling the sting of the price increases? It might be time to review your energy plan and find a better deal. Check out some of the top discounts on offer in each state:
1. Dodo Power & Gas Market Offer: Battle the price hikes by snagging $100 off your first bill plus a pay on time discount of up to 30%.
Available in: NSW, VIC
2. Powershop Online Saver: You shouldn’t have to choose between affordable electricity and doing your part for the environment. Now you don’t have to, because Powershop offers 100% green electricity plus guaranteed discounts when you pay online.
Available in: NSW, VIC, QLD
3. QEnergy Home Discounter: Newcomers will feel right at home with QEnergy, with a $25 welcome credit.
Available in: NSW, QLD
4. Energy Locals: Sick and tired of rising energy bills? Switch to Energy Locals and you can lock in your price until July 2018.
Available in: NSW, QLD
Or, head over to our electricity price comparison tool to crunch the numbers on which plans offer the best value for your family.