Energy consumers have faced electricity prices rise between nine and 20 per cent this financial year, the Australian Energy Regulator today reported.
That’s despite an expected record period when electricity prices are negative mainly in the middle of the day when rooftop solar creates massive supply, pushing down prices.
But the regulator says prices, though down in the past 12 months, are high by historical standards and that the future supply of electricity will be dictated by an orderly long-term closure of coal-fired power stations and an increase in new forms of renewable energy.
It says because of favourable weather conditions, energy markets have coped well since the closure of New South Wales’ Liddell Power station this year.
It also says that while government bill relief mitigates the impact of price increases, pressure remains as the cost of living increases rapidly and as customers have to adjust to higher prices when the temporary relief ends.
