IPART released their final findings today and have approved a higher than expected increase in prices.
We were expecting Energy Australia / Aus Grid network areas to increase by 19.2% but instead it has jumped to 20.6%. The average of 16% across the state has risen to around 18%. Changes will be effective from 1st July 2012.
IPART has made a series of adjustments since the draft report reflecting more recent data and reflecting issues raised in submissions to their draft report.
This year, the increases outlined in their final decision are primarily driven by:
- the continuing rise in network costs, which contributes to nearly half of the average 18% price increase, and
- the introduction of the Commonwealth Government’s carbon pricing mechanism, which contributes the other half of the average price increase.
Afraid of paying too much!
A few options to help minimize the price increase are:
Install a solar power system and generate some or all of your electricity free from the sun.
Compare your electricity price. IPART operates a free electricity and gas on-line price comparison service, www.myenergyoffers.nsw.gov.au, that lets consumers compare offers from energy retailers in NSW. A complementary phone service is maintained by the Department of Trade and Investment, Regional Infrastructure and Services and is available on 1300 136 888.
Look into power efficiency measures (e.g. solar hot water, water saving shower heads, energy efficient lights), If you are on Power Smart billing (time of use) make sure you learn and understand the different rates and times they are charged, changing your power usage from peak to off peak times can reduce that portion of your bill by 75% . You may like to read our article about smart meters.
Read the full Fact Sheet – Consumer summary Electricity Price Increases