Electricity prices are set to rise on 1 July.
It’s that time of year when the Queensland Competition Authority (QCA) releases its draft determination on electricity prices for regional Queensland for the upcoming financial year.
And it doesn’t look great.
After two consecutive years of price decreases, all tariff prices are looking at increasing this year. For residential customers the cost increase is expected to be 4.2%, small business customers can expect a 4.5% increase, and large customers are in for a 9.9% to 13.4% increase. This will change according to how much electricity you actually use; we have customers who will experience higher increases than these.
This image is from the information booklet from the QCA:
The price increases are largely due to the increasing cost of wholesale electricity.
There are also several changes to the tariff structures, most notably Tariff 50 being made obsolete with phase out expected on 30 June 2023. For several years this was a very good tariff for many customers.
The draft determination is just that – a draft. The final determination is due for release in May and we will provide an update once it’s released.
Coupled with the recent, and significant, fuel price increases, we expect demand for solar/battery systems and all energy management services to rise accordingly to offset electricity costs and charge electric vehicles.
Remember – you can’t do anything about the price of electricity, but you can do something about the cost!
If you would like to find out more about the QCA and their role in setting electricity prices, visit http://www.qca.org.au/project/customers/electricity-prices/regulated-electricity-prices-for-regional-queensland-2022-23/