Households battling rocketing living costs are facing energy bill hikes of 40 per cent across the coming two years, with the electricity market operator saying prices already surged 141 per cent year on year.
are facing more pain via their power bills, with the body that runs the electricity market saying prices in that sector have also surged in the past year.AEMO says wholesale electricity prices in the NEM rose 141 per cent in the first quarter compared with last year
In its latest snapshot of the National Electricity Market , the Australian Energy Market Operator said wholesale costs soared 141 per cent in the three months to March 31 compared with the same period last year. Mr Koenders said there were predictions wholesale prices could reach at least $150/MWh in Queensland and New South WalesAEMO said outages at some coal plants had contributed to the most recent price hikes, as had increased demand on the back of heatwaves andViolette Mouchaileh, AEMO's executive general manager of reform delivery, said the rising prices were felt most acutely in the north-eastern states where coal-fired outages and grid constraints had squeezed supply.
Mr Koenders said the sharp rise in prices reflected a shortage of supply that was likely to last for years as more coal-fired power plants exited the market.On top of this, Mr Koenders said Australian energy users were becoming more exposed to soaring international prices for coal and gas.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Dropped the ball’: Power bill concerns after two-decade high inflation spikeA two-decade high spike in inflation has reignited debate over power prices as the prime minister warns Australia is not immune to international shocks. auspol 7NEWS
Read more »
Australia faces prospect of pre-election rate rise as inflation and consumer prices soarThe annual CPI rate rise to 5.1% was higher than expectations and reflects higher fuel and food costs, sparking fears of an interest rate rise
Read more »
Raab under pressure over lack of action on cost of living crisisDeputy PM says cabinet still working through ideas, while not dismissing call for higher defence spending
Read more »
Boris Johnson pushes to relax health and safety rules to ease cost of livingPolicies include reviewing nursery ratios of staff to children and extending MOT validity to two years
Read more »
Wider China COVID-19 lockdown unlikely to impact Australian miners, analysts sayAustralia's highly profitable iron ore sector is expected to ride out market volatility as fears of additional COVID-19 lockdowns in China see a 10 per cent price drop to start the week.
Read more »
Billing errors cost Telstra $2.2m in refunds, finesThe telco blamed out-of-date employee instructions and broader billing errors for its overcharging of customers of its low-cost Belong arm.
Read more »