The only way is up: Energy prices in NSW take a hike
We have some news for you.
But we’ll be honest about it: if you are still yet to embrace the many benefits of solar energy, and are still relying solely on fossil fuel-based power supplied to you by the grid, then it’s not good news. Not one bit.
We’ll give it to you straight. Energy prices are set to jump in NSW, and to go both high and fast.
In itself, this is not completely ground-breaking news. It was inevitable that energy prices were going to rise at some point. But things have happened recently that are going to make energy prices spike higher and faster than expected.
Here’s a quick rundown of the situation…
Last year the Australian Energy Regulator determined that network operators throughout NSW had been overestimating their expenditures, and ruled that they all had to reduce their charges for consumers, resulting in a drop in energy prices of between $100-$300 per year, per household.
So far, so good.
Even better for consumers, the Public Interest Advocacy Centre said that the estimate was still over-valued by around $2 billion and suggested a further cut to energy prices for Australian households.
Naturally, the network operators (including Endeavour Energy, Essential Energy and Ausgrid) were not thrilled with any of this, and challenged this decision with the claim that their costs were in fact a whopping $5 billion higher than the Australian Energy Regulator’s estimate.
This clash of opinions was battled out in a federal court in Darwin recently, but the chips fell in favour of the network operators (surprise, surprise) and the price cut is going to be removed.
The exact details are yet to be determined, but the decision will potentially have a retrospective effect reaching back to 2014, and it supports the networks’ systems of calculating their costs, which means energy bills in NSW are basically going to skyrocket.
We think you’ll agree with us when we say there has surely never been a better time to make the change to solar.
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