Our green energy future? Aussies Will Be Affected By Shock Electricity Price Rise – A Big Rise Because Of That?
Essay by Eric Worrall
As our new Prime Minister’s big green energy transition fails, ordinary Australians are feeling the pain of a lack of political incentive to invest in renewable energy infrastructure. .
Millions of Australians affected by rising energy bill prices
Major energy retailers are expected to raise prices as early as Friday. Find out if you are affected here.
Millions of customers across Australia’s eastern states are set to be hit with soaring electricity bills as the price hike is approved by the regulator starting Friday.
In May, Australian Energy Regulatory Authority (AER) announced that they will increase the default market offer price (DMO) – or pricing providers are allowed to charge their customers – with the changes effective July 1.
This increase means Queenslanders could see a rise of up to 12.6%, while those in NSW could see up to 18.3% and 9.5% in South Australia.
From 1 August, one of the country’s largest retailers, AGL, will reduce NSW electricity customers by almost 18 per cent, potentially leading to many households paying a rise of hundreds dollars annually.
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Prices for some smaller energy companies will also be high after July 1, with ReAmped and LPE up 100%, while Discover Energy will increase by 285% and GloBird by 147%.
Taylor Blackburn from Finder told 7NEWS that these smaller companies are raising prices to lose customers.
“We’ve seen a lot of smaller vendors really begging their customers to go somewhere else and shop around,” he said.
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The price hike is only happening because in the current political climate, no one is investing in new renewable energy capacity. Gas drilling has been outright banned in Eastern states, where power shortages are occurring. For example In 2021, the Victorian Government added a permanent ban on jailbreaking to the State Constitution.
All could have been very different.
If Australia had an energy-friendly political environment that encouraged low-cost coal and gas, we would have an abundance of capacity that could help keep prices down.
Or if we have a substantial fleet of nuclear power trains, they will act as a counterweight to price increases. Nuclear power plants only need to be refueled every two years, and Australia has some of the world’s richest deposits of Uranium and Thorium.
Our New Prime Minister Anthony Albanese’s green energy plan will do nothing to alleviate these crippling energy price spikes. If you have any doubts about this, I refer to President Obama’s excellent explanation of why green energy is always more expensive.
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