Millions of Aussie households will be hit with a cost-of-living blow tomorrow, as one major electricity retailer hikes its prices.
EnergyAustralia, which provides electricity and gas to 2.4 million Aussie households and businesses, will increase prices by up to 14.1 per cent for customers on variable-market contracts.
Queensland households will be hit the hardest by the hike, with the average residential bill increasing by 14.1 per cent - or $301 per year.
NSW households will see a 12.4 per cent increase - or an extra $276 per year - South Australian customers will face a 10.9 per cent increase - or $252 per year - and ACT households a 10.2 per cent hike - or $221 per year.
Compare the Market said the “out-of-cycle” increase may come as a shock to customers, given prices typically changed on July 1.
“The harsh reality is that it’s costing more to generate the electricity we use to power our homes and businesses,” Compare the Market’s general manager of energy, Anthony Fleming, said.
“Wholesale prices have increased due to supply issues, wild weather events, plant outages and the ongoing war in Ukraine, meaning electricity retailers are paying more for the electricity they sell to Australians.”
Tips to lower your bill
Great electricity deals were becoming harder to find, Fleming said, but comparing them was still a good idea.
“If you find a cheaper deal, you may be able to switch and save in as little as two business days. Pay close attention to the percentage below the current reference price when comparing,” he said.
When comparing plans, factor in daily-supply charges and be aware that discounts do not always give you the best bang for your buck.
There are also little changes you can make around the home to reduce your electricity consumption. Fleming said this could include turning off appliances at the wall and avoiding using power-guzzling devices during peak hours.
If you’re under financial stress, talk to your retailer ASAP and see if they offer any payment plans, bill smoothing or hardship options.
“Hardship programs through your electricity retailer won’t incur interest. If you’re using other methods like credit cards or loans, they typically incur interest, which could leave you struggling financially,” Fleming said.