Electricity prices on the up, some households eligible for help

If you thought the cost of living was expensive now, the cost of your power bill is going up from July.

The Australian Energy Regulator said yesterday they would be raising the “default market offer price caps”, basically the maximum retailers can charge households and businesses on default offers where they don’t take up special deals or bundle utilities on bills.

It will rise in all stares across the east-coast electricity grid; in NSW it will jump by 14 per cent.

That means energy bills will go up from July 1.

The price increases are driven primarily by external factors including the Russian invasion of Ukraine which has affected supply and led to global price pressures on coal and gas. Extreme weather events in NSW and Queensland have also had an impact on prices.

In a bid to help, the NSW Government has increased support payments through the Energy Accounts Payment Assistance Program for eligible households who are experiencing short-term hardship.

Treasurer and Energy Minister Matt Kean said from Monday, each application will have its limit increased from $300 to $400, up to a maximum of $1,600 a year.

“Eligible customers can receive payment assistance of up to $400 per application for electricity and up to $400 per application for gas bills twice a year,” he said.

“This means the annual maximum limit of vouchers has increased from $1,200 to $1,600 per household.”

Eligible households can also apply for different rebates including the Low Income Household Rebate, Gas Rebate, Family Energy Rebate, and Seniors Energy Rebate.

Customers can see what they are eligible for by using the Service NSW Savings Finder at www.service.nsw.gov.au/campaign/savings-finder, by phoning 13 77 88 or visiting a Service NSW centre.

Image: https://arena.gov.au/blog/are-high-power-bills-caused-by-renewable-energy/