Home: Renewable Energy News: NEWSFLASH: NSW Electricity Prices To Soar On July 1

Renewable Energy News

WEDNESDAY 13 JUNE, 2012 |

NEWSFLASH: NSW Electricity Prices To Soar On July 1

by Energy Matters

The Independent Pricing and Regulatory Tribunal (IPART) has released its final decision on New South Wales electricity price rises from July 1 - and for many households and small businesses, the impact will be worse than previously forecast.

Average regulated retail electricity prices will increase between an average of 11.8% to 20.6% across different electricity supply areas from the beginning of July.

EnergyAustralia customers will experience a 20.6% hike, translating to a jump of $364 a year on an average residential customer bill and $472 per annum on average for its small business customers.

Integral Energy customers will need to endure an 11.8% rise - an extra $208 per annum on an average residential customer bill and $270 a year on an average small business customer bill.

Country Energy customers will be lumped with a 19.7% electricity price hike, meaning households will need to find an extra $427 a year on average and a the average small business a whopping $555 per annum.

The power pricing pain is not the first New South Wales residents and small commercial enterprises have worn in recent years. In 2010/11 electricity prices jumped 10% and in 2011/12, 17%.

The increases have been primarily driven by network costs, which account for nearly half of the rise and the introduction of the Commonwealth Government’s carbon price contributes the other half.

Green schemes such as incentives for wind and solar are only contributing .3% on average to the increases.

The NSW solar power industry is expecting additional interest from households and small businesses seeking to buffer against this and future inevitable electricity price increases by installing solar panels.

The Solar Credits rebate (up front discount) is still available for home and business installations, and from July 1, businesses will also be able to benefit from tax reforms allowing an immediate substantial write-off of some assets, including solar power systems.

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