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Businesses brace for energy price hike

Peter Terlato 12 January 2017

energy oil prices rise

CEOs expect higher gas and electricity costs this year.

New research highlights the growing concerns of Aussie businesses with regards to rising energy prices.

Australian Industry Group's National CEO Survey: Business Prospects 2017 found more than half (51%) of all businesses anticipate inflating energy prices in 2017.

Only a modest proportion of executives (4%) expect a decline in prices.

Energy cost pressures, although not as dire, appeared to increase through 2016, with two thirds (39%) of businesses reporting a rise and only a small volume (8.5%) registering a decrease.

The average increase in energy costs was about 9%.

Energy costs for some businesses had doubled or tripled over the year, threatening market competition.

The survey found around a quarter (23%) of CEOs expect business conditions to deteriorate in 2017.

Powering your business depends on its size, location and needs. Learn what to look for in a business electricity or gas plan and consider using an energy consultant to help make an informed choice.

Electricity bills across Australia are expected to rise in every state, aside from Queensland and Tasmania, over the next two years, according to the Australian Energy Market Commission's (AEMC) latest report.

From the beginning of January, the federal government began phasing out Australia's solar energy tariff rebates, raising the likelihood of bill shock for hundreds of thousands of homeowners.

Use our comprehensive guide to compare and contrast different offers from a variety of energy suppliers.

We've also got tips to help you properly read your energy bill and understand the fees you encounter.

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