While Queenslanders struggle with power bills and face yet another massive electricity price hike, Energex is reportedly raking in profits of $1 million a day.
According to the Courier Mail, state government owned Energex generated $201.3 million profit in the first six months of the 2012-13 financial year.
The news likely won’t be well-received by battlers in Queensland who may face a 21% increase in electricity bills from July.
While Queensland Energy Minister Mark McArdle said he was “acutely aware that families and businesses were struggling”, how and how much particularly disadvantaged households will be protected from the looming power price hikes is unclear.
The outrage expressed over the situation may motivate more families to install solar panels; particularly the tens of thousands of people who received approval last year for the 44c solar feed in tariff but are yet to install a system.
According to national solar provider Energy Matters, with the window for installing a system rapidly closing, a rush has already begun to secure an installation appointment and the company is urging eligible applicants to call 133 SUN (133 786) to ensure they don’t miss out.
Energy Matters is currently running a series of solar power package specials to help as many households as possible make the switch to solar before the deadline.
Under the 44c feed in tariff arrangement, Energy Matters says a 5kW system can provide a financial benefit of more than $70,000 over its lifetime.
Solar power systemscan also provide major financial benefits for those not eligible for the 44c feed in tariff rate says Energy Matters. For example, a smaller 3kW system installed in Brisbane and elsewhere in the state can provide electricity bill savings of between $1,066 and $1,470 annually.
The Queensland Competition Authority’s Final Determination on electricity bill increases will be released by the end of May 2013.