No, you didn't imagine it. Power prices really did get more expensive late last year

Australia’s shopper watchdog has confirmed what many households already know far too nicely: electrical energy payments have been much less inexpensive than they have been the 12 months earlier than – they usually’re about to get even worse.

The Australian Competition and Consumer Consumer Commission (ACCC) on Friday launched the findings of its newest Electricity Market Inquiry Report.

Its evaluation of 13 million residential and small business electrical energy payments discovered that, within the September 2022 quarter, households in most states related to the National Energy Market (NEM) paid extra for energy than on the similar time the 12 months prior.

Bills — Electricity payments have been much less inexpensive late final 12 months than they have been the 12 months earlier than – they usually’re about to get even worse. (9News)

South Australians copped the more severe cope with a 9.1 per cent enhance to the median quarterly electrical energy invoice, and in New South Wales the rise was 6.4 per cent.

Victorians, then again, paid simply 0.6 per cent greater than the 12 months earlier than, whereas households in South-East Queensland really loved payments that have been 20.4 per cent cheaper due to the state authorities’s $175 price of dwelling rebate.

Small business house owners, nonetheless, have been hurting all throughout the board; the ACCC discovered their payments elevated by 13.1 per cent throughout all areas.

The report doesn’t embrace Western Australia and the Northern Territory, neither of that are related to the NEM, nor regional Queensland, the ACT or Tasmania, the place costs are government-regulated.

Powerlines — Australians related to the NEM shall be hit by steep will increase from subsequent month, when new benchmark electrical energy prices come into impact. (Getty Images/iStockphoto)

The ACCC additionally examined future costs, and forecasted that Australians related to the NEM shall be hit by steep will increase from subsequent month, when new benchmark electrical energy prices come into impact.

“Wholesale electricity prices have eased since their peak in the middle of 2022, but we expect electricity bills to increase further this year due to the lag in wholesale costs flowing through to customers,” ACCC Commissioner Anna Brakey mentioned.

“Energy retailers enter into supply contracts with generators years in advance to manage volatility, so households haven’t yet seen the full impact of last year’s wholesale price spikes.”

Brakey mentioned the ACCC is monitoring electrical energy retailers’ value modifications to make sure they’re appearing legally.

“Retailers have certain legal obligations under the Electricity Retail Code to communicate price changes in a way that allows people to compare different plans,” Ms Brakey mentioned.

“Any retailer that breaches the electricity code or seeks to mislead consumers about the reasons for electricity prices increasing can expect our attention.

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“It’s vital for individuals to see if they will scale back their electrical energy payments by switching to a greater plan.

“We encourage all households and small businesses to use the government-run websites Energy Made Easy and Victorian Energy Compare to see if there is a cheaper offer available.

“We advise ready till after 1 July, when many retailers can have up to date their vitality plans. Customers can then have better certainty in regards to the costs they are going to be paying and examine the most important vary of accessible presents out there.”

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Source: www.9news.com.au