ACT households to pay more in electricity bills

Electricity prices in the Australian Capital Territory are set to go up by 17.74 per cent.

The Independent Competition and Regulatory Commission (ICRC) has released updated retail prices for franchise electricity customers, and the final decision has seen prices rise by even more than was originally announced in the April 5 draft version.

Anyone who uses less than 100 MWh of electricity a year, and who has not accepted a negotiated supply contract with a competing electricity supplier, will be susceptible to the changes.

An average ACT household can expect to be paying an extra $273 a year, or around $5.25 a week, for power.

"The rise in regulated retail tariffs is largely attributable to increases in the cost of wholesale electricity with a smaller contribution coming from network fees," said senior commissioner Mike Buckley.

Buckley went on to add that the increase in wholesale electricity prices can be almost entirely attributed to the new carbon tax being introduced on July 1.

This latest price direction was issued today (June 8) and is set to last through to June 30 2013.

The ICRC pointed out that the price rises are similar to those being seen in other states. The New South Wales draft decision, released May 31, allowed for an average price increase of 16 per cent.

In Queensland, price increases will be between ten or 20 per cent, depending on the customer’s existing tariff.

Posted by Charlie Moore