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Australia's Electricity Prices Soar, the Biggest Increase since 1998
Australian Financial News reported on July 7 that an analysis report on electricity prices by Brisbane energy consulting company Global Roam showed that in the past year, residential electricity prices in New South Wales increased by 22%, South Australia increased by 43%, and Queensland It has increased by 15%. This increase is the largest since the establishment of the national electricity market in 1998.In the second quarter of 2017, the average electricity price in Victoria reached A$104.92 per megawatt hour, South Australia was A$115.93 per megawatt hour, Tasmania was A$114.27 per megawatt hour, and New South Wales was A$93.62 per megawatt hour. Mega-hours, Queensland has the lowest at 85.83 Australian dollars per mega-hour. Tasmania is the only state where wholesale electricity prices have not increased over the past year, with prices down 3 per cent compared to the first quarter of 2016.
It is reported that the surge in wholesale electricity prices is likely to be passed on to electricity-consuming households by businesses. Australia's major energy retail companies will significantly raise electricity prices, which exceed the actual value of electricity. South Australia will surpass Denmark to become the most expensive region in the world. According to reports, from July 1, AGL, Energy Australia and Origin Energy energy companies will increase electricity prices, causing households to increase their electricity bills by hundreds of Australian dollars each year. Electricity bills will rise by an average of 18% for AGL, 19.9% for Energy Australia and 16.1% for Origin Energy.
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