Hundreds of thousands of Australian households will see their electricity bills surge by up to $600 (US$390) this July 1 in the latest wave of price increases.
The Australian Energy Regulator (AER) has released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in three regions that are part of the National Electricity Market: New South Wales (NSW), South Australia and Southeast Queensland.
While only nine percent of customers are charged the default market rate, it serves as a benchmark for energy companies when they advertise their prices to customers.
Under the changes, the prices for residential customers with controlled load will rise between 20.8 and 23.9 percent. In comparison, those without controlled load will experience price increases of 19.6 to 24.9 percent, depending on their region….