Price hikes and an uncertain energy market has already been having a crazy /negative effect or impact on businesses and their bottom line. With the top energy retailers Energy Australia and Origin predicting increase in power prices up to 14.9% and AGL announcing an increase of 9.5% for the Victorian market in January 2018, your business could be in for an even ruder bill shock.
Australian consumers will have more options under the new ‘Power of Choice’ regime announced by the Australian Energy Market Commission (AEMC). The changes, which took effect on December 1, 2017 will see electricity generators and distribution infrastructure owners lose their monopoly over the provision of electricity meters and allow retail providers to select their preferred metering technology and service provider, based on customer requirements.
Businesses across the nation are facing an uphill battle in the wake of increased energy prices. Since the increase, businesses have been hit with price hikes of up 120 per cent compared to the 20 per cent increase faced by households (www.news.com.au), and this figure is on the rise.
Deregulation promotes greater competition in the market and encourages more retailers to set up shop. This offers consumers the potential to buy cheaper electricity than was previously available under the highly regulated government run systems. If energy prices are re-regulated, retailers will have to offer customers a basic electricity service, at or below a price set by the regulator.
With large energy price hikes happening around the country, we’re reminded about how important it is for businesses to get the most competitive rates for their energy. Here are some common reasons why Aussie businesses are paying too much on their energy bills.
The July 1 energy price rise is almost here. Wondering what you can you do to save on your business energy? Read our top tips and start saving today.
Conferences are a great place for business owners old and new to learn and network. Discover our shortlist of three business coneferences taking place in Australia in 2016 that you should be on the guest list for!
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