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Australian Energy Regulator (AER) confirms electricity prices will increase by between 20 and 25 per cent from July 1.
04 Jun 2023
The Australian Energy Regulator (AER) has confirmed electricity prices will increase by between 20 and 25 per cent from July 1 — higher than the draft offer put forward by the regulator in March — while Victorian prices will rise by 25 per cent.
The AER's decision will directly affect around 600,000 customers in South Australia, New South Wales and south-east Queensland who are on the default offer, which is a benchmark price designed to keep a lid on price rises for household and small business customers.
In March, the regulator released draft electricity price increases of between 20 and 22 per cent.But the AER said after listening to stakeholder feedback, the default market offer has resulted in a "small change of between 1 per cent to 3 per cent" difference from its draft offer.
"The changes we have made are largely updates based on additional, finalised information and refinements to our methodology to better reflect the costs of retailing electricity," the AER said.
Chair of the AER, Clare Savage, said the price increases are "fairly close" to the draft offer, and much lower than previously expected."But still obviously significant price rise for customers and difficult news at a time of cost of living pressure," she said.
Residential customers will see price increases between 20.8 per cent and 23.9 per cent for those without controlled load, and between 19.6 per cent at 24.9 per cent for customers with controlled load.
Small business customers are facing increases of 14.7 per cent and 28.9 per cent.
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