The leap in some cases exceeds or even doubles the rise in tariffs approved by the regulator for the next financial year.
aimed at reining in prices. The $3 billion energy bill rebate scheme, co-funded by the Commonwealth and state governments, and announced in May, will reduce the impact on some households that are already feeling the pressure from 12 interest rate rises since April last year.“There have been major global energy challenges over the past 18 months, and we’ve seen significant rises in wholesale energy prices in Australia,” an AGL spokesman said.
“Those customers [seeing the biggest increases] were probably on a keen price contracted 12 months ago, they probably got the last of the good prices,” said Gavin Dufty, the executive manager for policy at St Vincent de Paul Society. “They’ve been insulated from the turmoil going on, so for them it’s a bit of a rude awakening. They are now coming back to the new normal.”
“Management could use the forum to realign consensus estimates higher,” said JPMorgan energy analyst Mark Busuttil, who says current estimates for AGL’s profits next year appear too conservative given rising forward power prices and retail margins that are “likely to expand”. AGL said the average electricity price increase for residential customers on variable rate market contracts was 25.5 per cent or $341 in Victoria; 26.4 per cent or $447 in Queensland, 29.7 per cent or $540 in NSW; and 29.8 per cent or $565 in South Australia.
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