Australians 'panicking' as power prices skyrocket, consumer advocates say
2 years, 6 months ago

Australians 'panicking' as power prices skyrocket, consumer advocates say

ABC  

Robert Meggs likes to keep a close eye on how much electricity his household uses. Key points: Advocates say growing numbers of consumers are facing power price rises of "unprecedented" size Regulators have stepped into the domestic gas market after prices rose 50 times higher than normal New Energy Minister Chris Bowen has warned the energy price crisis is unlikely to end soon It's one of the main reasons he switched to a smaller retailer some time ago as he searched for a better deal. "We don't have town water, no sewer and no gas," Mr Meggs, who lives near Kulnura on the New South Wales Central Coast, said. "I think there's real cause for concern because we've never seen anything like this before," he said. "On energy in particular, this is an incredibly challenging set of circumstances, particularly for Australian industry, when you consider this spike in gas prices, which goes hand-in-hand with a spike in the price of liquid fuels and a spike in the price of electricity as well," Mr Chalmers said.

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History of this topic

Power prices that are 'double' the benchmark spark calls for overhaul of energy consumer safeguards
3 months, 4 weeks ago

Power prices that are 'double' the benchmark spark calls for overhaul of energy consumer safeguards

ABC  

Some households are being charged more than double the regulated benchmark price for electricity, fuelling claims that Australia's energy consumer protections are failing and need to be overhauled. Among them is one customer from South Australia whose new costs are an "estimated" 103 per cent above the default offer, otherwise known as the government reference price. The regulator said the …

Winners and losers as energy regulator outlines mixed bag of power price changes
9 months ago

Winners and losers as energy regulator outlines mixed bag of power price changes

ABC  

In short: The Australian Energy Regulator has suggested modest decreases in benchmark power prices for some customers but increases for others. Following price hikes of up to 40 per cent in the past two years, the Australian Energy Regulator has proposed far more modest tweaks to the so-called default market offer. "We know that economic conditions have put pressure on …

Energy ministers to tackle skyrocketing power prices ahead of national cabinet meeting
2 years ago

Energy ministers to tackle skyrocketing power prices ahead of national cabinet meeting

ABC  

A lot of eyes will be on energy ministers on Thursday, as they take part in the first of two meetings this week between state and federal decision-makers focused on how to avoid skyrocketing power prices. By introducing a cap on how much energy producers can sell either coal or gas for in the Australian market, it'll also reduce what …

Turmoil widens Australia's energy divide as costs accelerate fastest for poorer households
2 years ago

Turmoil widens Australia's energy divide as costs accelerate fastest for poorer households

ABC  

Australia's energy crisis is widening the gulf between rich and poor households according to a new report that shows costs accelerating much faster for consumers on low and middle incomes. Key points: Energy Consumers Australia says power costs are rising faster for poorer households than wealthy ones Electricity bills have jumped 20 per cent on average this year and further …

With the budget done, the government is under pressure to solve Australia's power price problems
2 years, 1 month ago

With the budget done, the government is under pressure to solve Australia's power price problems

ABC  

Jim Chalmers prides himself on being on top of his brief and meticulously on-message. For the question of Labor's election promise — that its energy plan would reduce household bills by $275 by 2025 — had been the subject of regular questions to Chalmers — and all his colleagues — for some time as electricity and gas prices started to …

Between rolling natural disasters and COVID, Australia's economy is experiencing a shift from shock to persistent problem
2 years, 2 months ago

Between rolling natural disasters and COVID, Australia's economy is experiencing a shift from shock to persistent problem

ABC  

Major flooding in suburban areas of Melbourne in the last couple of days have only reinforced the sense that we are now in a world of more or less rolling natural disasters. "The Treasury's current expectation is that a bigger and bigger part of this inflation problem over time will be what happens with power prices," Chalmers told journalists in …

Consumer confidence in Australia's energy system suffers steepest-ever plunge
2 years, 3 months ago

Consumer confidence in Australia's energy system suffers steepest-ever plunge

ABC  

Confidence in Australia's main electricity market has suffered its sharpest ever collapse as the crisis engulfing the east coast energy industry hits home for consumers. Key points: There are predictions households face multiple price hikes in the coming year amid the energy crisis Experts say the pricing system is "regressive" and that governments need to try to help consumers Confidence …

Australia's energy crisis makes winners out of fossil fuel exporters and losers of everyone else, expert says
2 years, 4 months ago

Australia's energy crisis makes winners out of fossil fuel exporters and losers of everyone else, expert says

ABC  

This month, Australia's third-biggest power provider EnergyAustralia revealed it had plunged to a $1.6 billion loss for the first six months of this year. Key points: Australia's biggest power provider AGL on Friday reported a 58 per cent drop in benchmark full-year profit The fall follows similar slumps for the electricity and gas retailer businesses of Origin Energy and EnergyAustralia …

Confidence collapses as desperate consumers vent fury at failing National Electricity Market
2 years, 5 months ago

Confidence collapses as desperate consumers vent fury at failing National Electricity Market

ABC  

For Ian Davies, the run of ill-fortune over the past few years has been almost too much to bear. Key points: An Energy Consumers Australia survey finds confidence in the national electricity market is collapsing among users Just one in four consumers believes the market is delivering in their interests The NEM has been hit by record high prices, a …

Explained | Why is Australia facing an electricity crisis despite being a top exporter of coal and gas?
2 years, 6 months ago

Explained | Why is Australia facing an electricity crisis despite being a top exporter of coal and gas?

The Hindu  

The story so far: On Thursday, June 16, Chris Bowen, the Energy Minister of Australia — the world’s biggest exporter of coal and Liquified Natural Gas — asked the residents of its most populous state New South Wales, to conserve power as much as possible during the peak demand hours of 6 pm to 8 pm to prevent blackouts. This …

Australia's energy ministers have an 11-point plan. Here's why it won't ease prices any time soon
2 years, 6 months ago

Australia's energy ministers have an 11-point plan. Here's why it won't ease prices any time soon

ABC  

Australia's surging power prices have been hit by the "perfect storm", and that's being felt in households around the country. But an 11-point plan from Australia's energy ministers released after meeting on Wednesday isn't going to ease prices any time soon, with federal Energy Minister Chris Bowen saying there's no "silver bullet". A cold snap, rising fuel prices thanks to …

Barnaby Joyce issues a dire warning to Australia amid power crisis
2 years, 6 months ago

Barnaby Joyce issues a dire warning to Australia amid power crisis

Daily Mail  

Barnaby Joyce has called for Australia to generate more coal-fired power to ease the energy crisis as power bills soar. The new Labor government wants 82 per cent of the nation's electricity to come from renewable sources by 2030 and believes this will bring down power prices because hydro, solar and wind energy is cheaper. New Treasurer Jim Chalmers is …

Labor Treasurer Jim Chalmers economy electricity prices inflation petrol increase GDP house market
2 years, 6 months ago

Labor Treasurer Jim Chalmers economy electricity prices inflation petrol increase GDP house market

Daily Mail  

Australian electricity bills are expected to double in July following a surge in wholesales prices with new Treasurer Jim Chalmers warning of 'skyrocketing inflation'. Scroll down for video Australian electricity bills are expected to double in July following a surge in wholesales prices with new Treasurer Jim Chalmers warning of 'skyrocketing inflation ' PERFECT STORM OF ECONOMIC BAD NEWS PRICEY …

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