Power bills to rise by up to 8pc from July 1

, the war in Ukraine and soaring coal and gas prices forced the regulator to push up the default regulated prices to allow energy retailers to pass on their higher costs to consumers.Louie Douvis

Over the next few weeks, energy retailers will inform customers of their proposed price increases from July 1. Under the price ruling, residential customers on default market offers in NSW will pay between 2.9 per cent to 12.1 per cent more, or between $40 and $200, on their power bills next financial year.

Only about 10 per cent of customers are on standing offers, but big energy retailers use the prices as a benchmark for when they set their energy tariffs for residential and small business customers for next financial year.Small business customers in NSW are facing increases of between 4.3 per cent to 13.5 per cent more than last year.

“It’s still a competitive market out there. We think there is still significant pressure on retailers to win customers and to price competitively. We think there will be market offers below this default market offer,” she said.Energy Consumers Australia chief executive Lynn Gallagher said the expected cost increase would add to other cost of living pressures for consumers.

Ms Gallagher said she was worried these increases could be followed by others down the track given the continuing elevated prices on the wholesale market.

ronmjm I guess a super profits tax is out of the question?

We need nuclear ☢️

One would think to hold a coal mining licence in Australia 10% must be made available to aussie needs at cost price to produce at your mine No profit but on cost to mine 10%from the big boys bhp whc yal nhc Would sort Australia only 26m people?

Chalmers was gonna fix it along with petrol prices. He’s going to reread his econs text books because he’s had brain freeze lies alp

Morrison said they went down. Byebye scott

That is in real terms - in nominal terms, add 5.5%.....

Wait until we start paying for the $20 billion upgrade to infrastructure...

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