Queensland businesses hit by electricity price hikes
Today, the Queensland Competition Authority (QCA) has allowed the regulated electricity rate that Queensland businesses pay to be hiked up by 13.29%.
Very simply, it means that for every $100 a Queensland business was spending on electricity, it's now going to cost them $113.
The businesses to be hardest hit are those within the Energex region in South East Queensland. There are approximately 50,000 businesses operating from commercial premises with electricity bills now as high as $25,000 a year. Because these businesses are still on regulated rates, they have not benefited from competition, which has now been in place for 3 years.
Very simply, a business now experiencing the $113 price, could reduce that bill down to $90, just by switching to a new cheaper retailer. So for businesses with a bill of $25,000, that comes out at a $5,000 or 20% saving.
Tim Wolfenden, CEO of Make It Cheaper comments: "Times are getting tough for businesses. Electricity cost have gone up across nearly all states today, but Queensland businesses are amongst the hardest hit.
Whilst businesses believe in being loyal to their service providers, this is one clear cut case where loyalty just does not pay.
It's absolutely essential that Queensland businesses understand the effect that these price hikes will have on their business, and take measures to do something about it.
Switching supplier is about the easiest and most cost effective thing a business can do. Nothing changes apart from the name on the top of the bill, and the price businesses pay. And with a clear 20% saving on the table, this is simply a good business decision"