Millions of Australians will pay more for their power and a higher cost of living with some customers seeing their bills rise by up to 50 per cent.
Earlier this month, AGL and Energy Australia warned that electricity bills would rise by hundreds of dollars due to rising wholesale electricity prices and inflation.
Electricity prices have increased by 19 to 25 percent in most states under a new market proposal set by the National Energy Regulator from July 1.
Finder analysis found some energy providers were charging more than $800 a year after recent price hikes.
Residents in New South Wales and Queensland have been paying an extra 21 to 30 per cent since early July, with Victoria following suit from August 1.
On average, households will pay an extra 21 to 30 per cent more on their electricity bills, with customers in Victoria paying an average of 25.5 per cent or $341 more.
Electricity bills have risen by almost 50 per cent for some households in NSW and South Australia in a further shock to living conditions (stock image).
This graphic shows how electricity prices in some states in Australia are set to rise with the percentage increase that will add up to the average electricity bill over the course of a year.
However, Victorians signed up with Energy Australia will face a 25.9 per cent increase.
But for some AGL residential customers in NSW and South Australia, the increase was even bigger, with some seeing their bills increase by 45 per cent.
The biggest increase seen so far came from an AGL customer in NSW, whose power bill rose by 54.5 per cent.
The biggest increase seen so far came from an AGL customer in NSW, whose power bill rose by 54.5 per cent.
Average AGL bill increases from July 1 are 29.7 per cent or $540 per year in NSW and 29.8 per cent or $565 per year in SA.
An AGL customer’s energy bill in NSW showed a 36.5 per cent increase, while another resident saw a 37.3 per cent increase.
The average bill in Queensland rose by 26.4 per cent or $447.
AGL said anyone who saw their bill increase by 45 per cent or more would receive a bill credit to offset the increase.
Origin Energy prices have risen by more than 20 per cent year-on-year across Australia.
Key customers in Victoria will fare the worst this winter, with an increase of 25.5 per cent or $361, followed by SA at 24.2 per cent or $405.
Queensland households will be forced to fork out an extra $346 per year on average after a 21.6 per cent rise in their electricity bills.
Households in NSW saw an increase of 21.1 per cent or $407.
Earlier this month, AGL and Energy Australia warned that electricity bills would rise by hundreds of dollars due to rising wholesale electricity prices and inflation (stock image)
This AGL customer’s usage charges have increased by 36.5 per cent. An AGL customer in NSW saw a 54.5 per cent increase
Most states saw electricity prices rise by 19 to 25 per cent from July 1 under a new market proposal set by the National Energy Regulator (pictured, a house in The Ponds, Sydney).
AGL and Origin companies supply electricity to almost half of all Australians, occupy 49 per cent of the residential market and about 47 per cent of the small business market.
NSW customers were slapped with a 20.5 per cent rise in tariffs from 1 July.
SA household lift was 17.2 per cent and South East Queensland had an 11.8 per cent jump.
Energy Australia previously raised prices in March.
The Australian Energy Regulator claimed that ‘wholesale energy costs’ were ‘mainly’ behind the increase.
‘We know households and small businesses are facing cost-of-living pressures in many cases, and that’s why it’s important the DMO provides a safety net for those who haven’t shopped around for a better electricity deal,’ AER chair Claire Savage said in a statement last month.
‘While setting DMO pricing this year we have tried to protect consumers from unreasonably high prices and at the same time allow retailers to offer better deals to consumers than their standard plans.’
He noted how the gas and black coal price cap introduced in December 2022 prevented a bigger price hike on consumers.
AGL told Daily Mail Australia the supplier understood the increased pressure on households and businesses.
‘The rise in wholesale electricity prices has been largely driven by unprecedented market volatility due to rising global fuel prices due to geopolitical factors and volatile market conditions,’ a spokesperson said.
‘The decision to increase prices for our market contract customers is based on a detailed consideration of factors including wholesale pricing, network charges, retail operating costs, customer affordability and the value we offer to our customers.
‘The increase in retail electricity prices is mainly driven by higher wholesale electricity prices. To help reduce the impact of price changes, AGL’s retail pricing decisions absorb some of the higher costs.’
The figures come a month after the Australian energy market operator warned that without significant investment in renewable energy to replace coal-fired power, years of high prices could be ‘prolonged’ as it is phased out (stock image).
AGL residential customers are worst left by the increase – more than the average rise issued by other major energy providers
AGL said it would commit to increasing customer support funding by at least $70 million over the next two years.
‘As part of this package, and to support our most vulnerable customers, existing variable rate and fixed offer customers will receive up to a $400 bill credit ($200 per fuel) during the winter in our Staying Connected hardship program to help cushion the impact of these price increases,’ the spokesperson said.
‘AGL is committed to supporting customers who are struggling to pay their energy bills. We encourage customers to seek help early to discuss the various payment and support options we offer.’
More than 5 million households in NSW, Queensland and South Australia could receive financial relief through the Government’s National Energy Rebate.
Eligible low-income families, pensioners, self-funded retirees, families and carers will receive a one-time $500 bill relief payment through their provider.
The Albanese government has pledged to cut household electricity bills by $275 a year by 2025.
The figures were released a month after the Australian Energy Market Operator warned that higher prices could be ‘pending’ for years without significant investment in renewable energy to replace coal-fired power as it is phased out.
Biggest average electricity bill increase in Australia by percentage
1. AGL customers in South Australia – 29.8 per cent or $565 per year
2. AGL customers in New South Wales – 29.7 per cent or $540 per year
3. AGL customers in Queensland – 26.4 per cent or $447 per year
4. Energy Australia customers in Victoria – 25.9 per cent
5. Key customers in Victoria – 25.5 per cent or $361 per year
6. AGL customers in Victoria – 25.5 per cent or $341 per year
7. Key customers in South Australia – 24.2 percent or $405 per year
8. Key customers in New South Wales – 21.1 percent or $407 per year