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Energy crisis: Power bills set to soar by 100 per cent

Powerlines and money
By shopping around for a better deal, you could be saving around $443 a year on your energy bills. (Source: Getty)

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.

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

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