“ACCC Reveals Impact of Energy Market Events on Electricity Prices in Australia”

Australia, Finance

Article: The Australian Competition and Consumer Commission’s (ACCC) latest electricity report has revealed that residential customers across all regions have seen a 14 per cent median effective price increase between September 2022 and September 2023.

This rise can be attributed to ongoing energy market events from 2022, but was largely offset by lower electricity usage due to Australia’s warmest winter on record in 2023.

Thanks to government rebates, household electricity bills remained comparatively steady, increasing only 1 per cent.

On the other hand, small business bills decreased by 9 per cent over the same period.

Without these rebates, residential electricity bills would have been 14 per cent higher.

South East Queensland residents benefited the most, saving an average of $176 per bill.

The report also highlighted that consumers under financial stress increased by 18 per cent as they sought financial hardship support from their electricity retailers.

Commissioner Anna Brakey encouraged those struggling financially to contact their electricity providers and explore available resources.

On a separate note, the ACCC expressed concern about the growing number of embedded network customers who experience less choice when selecting an electricity provider.

With limited options to switch retailers, these customers often have no choice but to remain with one provider.

The ACCC stressed the need for greater transparency in this emerging sector.

Overall, the ACCC’s report underscored the importance of consumers frequently checking with their current retailer, other retailers, or government comparison websites to ensure they have the best possible electricity plan available.

With electricity prices expected to rise in 2024, staying informed and proactive are crucial for managing ongoing cost-of-living pressures.