The Independent Pricing and Regulatory Tribunal (IPART), New South Wales pricing regulator has confirmed a 64 percent increase in electricity prices for NSW. With the cost increases due to the increasing costs associated with maintaining the the energy networks and the Federal Governments’ Carbon Pollution Reduction Scheme (CPRS).
Within New South Wales, homeowners and businesses are likely to see price increases of anywhere from 46 percent up to 64 percent depending on where they live and their current supplier over the next 3 years. The Federal Governments’ CPRS is likely to contribute 40 percent to 56 percent to these total cost increases.
By 2013 a ‘typical’ business customer could see rises of over $3,000 – customers can expect the following increases:
- EnergyAustralia $2421 (60 percent)
- Integral Energy $1660 (46 percent)
- Country Energy $3070 (64 percent)
Tim Wolfenden, CEO of Make It Cheaper, an electricity price comparison service comments: “This price rise is a pure ‘Postcode Lottery’ for small businesses. By 2013, the same type of business consuming the same amount of energy in the same state could see a whopping $2600 difference in the cost of the electricity they use, purely depending on the Postcode they run their business in.”
“Whilst a low user could see a $2600 difference, a slightly larger energy user could see the difference in their energy costs creep to well over $5000, with total energy bills in excess of $10,000.”
“Now more than ever, it’s essential for business owners to take ownership of their energy bills and look to switch to a cheaper energy retailer – at the same time, we recommend that a business looks to implement cost saving measures to reduce their energy usage.”