Yahoo Finance Energy crisis: Power bills set to soar by 100 per cent
Soaring wholesale energy prices could see electricity bills rise by up to 100 per cent in parts of Australia.
In NSW, a two-fold increase could see the average quarterly bill rising to $707.60 from $353.80, based on Finder data.
In Victoria, the average quarterly bill could jump to $639 from $319.50, and $625.40 from $312.50 in Queensland.
Also read: Energy providers tell customers to switch to cheaper competitors ‘ASAP’
Also read: $227 more a year: ‘Window of opportunity’ to avoid looming energy bill shock
Also read: Energy bills to soar by $100: Here are some easy ways to save
While volatile energy markets will be felt differently in each state and territory, many energy customers can expect a price increase as the weather gets colder.
In fact, skyrocketing wholesale energy prices have prompted several small energy retailers to tell their customers to switch to larger competitors that are better placed to offer cheap deals.
"Small energy providers have started to drastically hike up prices, even before the 1 July price reset,” Finder energy expert Mariam Gabaji said.
"Power prices have more than doubled in the past 12 months and smaller energy retailers are starting to crumble under the pressure, passing on the surging costs to customers.”
Heating not an option for some Aussies
Gabaji said Australia was in the middle of an energy crisis.
"This at a time when the mercury is dropping around Australia, forcing Australians to go to extreme lengths to keep power charges down," she said.
According to a recent survey by Finder, 1.1 million Australians (6 per cent) thought they wouldn’t be able to afford to use their heater this winter.
The research found 50 per cent of Australians planned to rug up indoors to save on their energy bills, with another 45 per cent planning to use their lights less.
As many as 43 per cent planned to switch off unused appliances.
How to save money as the weather gets cold
One of the most effective ways to keep energy bills down is to shop around for the best deal.
According to the Australian Energy Regulator, the average household could save around $443 a year, or 24 per cent, on their energy costs by comparing and switching their energy plans.
When it comes to keeping your heating costs down, Canstar Blue’s energy editor Jared Mullane offered up a couple of tips:
Set your heater as low as you comfortably can
Be sure to ensure all windows and doors are closed so heat is trapped inside
A reverse-direction ceiling fan on low setting can help boost heating effectiveness
Don’t leave the heater running when no one is using it
Throw a rug down if you have tiles or floorboards
Switch off appliances at the wall if they're not in use
Consider buying a door runner to stop draughts
Throw an extra layer of clothing on, including socks and a scarf
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
