Your energy bill is probably about to rise. Luckily it’s easy to switch.
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Energy prices are going crazy. Why is this happening?
On Thursday, 26 May, the Australian Energy Regulator (AER) announced it would raise the benchmark set for power prices, also known as the Default Market Offer. These changes are set to be implemented as part of the annual 1 July energy price reset.
Massive hikes were approved because wholesale energy costs are skyrocketing, and retailers are passing these increasing costs on to customers.
Some energy retailers have even taken the unprecedented step of telling their customers to shop around for a better deal, as they're being forced to hike their prices to uncompetitive levels.
These retailers, including LPE and ReAmped, are increasing prices by more than 100%. If you're a current customer, now is the time to shop for a better energy deal.
How much will energy prices rise by?
- New South Wales. Price increase by 8.5% to 18.3% approved by AER.
- Queensland. Price increase by 12.6% approved by AER.
- South Australia. Price increase by 9.5% approved by AER.
- Tasmania. Expecting a regulated price rise of 10%+, to be announced later this month
- Victoria. Price increase of 5%, approved by state's Essential Services Commission.
We're still waiting on price impacts for ACT, NT and WA.
Good to know. The actual prices passed on to customers will vary, and we'll see the full extent of price changes to all customers either before or after the annual 1 July energy price reset.
Is there any good news?
Several state governments have announced grants and payments to help you cope with these rising costs, including NSW's energy bill support payment of $1,600 and Queensland's energy rebate of $175. Victoria is also offering a $250 power savings bonus for eligible customers.
Furthermore, you don't have to be stuck with these epic price rises.
There are no huge paperwork hurdles or hours of research to do in order to switch to a better energy plan – you can compare current offers and make the switch in a matter of minutes.
Compare and switch your energy plan with Finder by June 30 and claim up to $100 Finder Wallet credit. Just pop your postcode in here for deals in your area.
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