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Energy prices won't drop till 2014: Ferguson

Consumers won't see any relief from rising electricity prices until the latter part of 2014 - that's the assertion federal energy minister Martin Ferguson made on Sunday (November 11).

Speaking to Channel 10's Meet the Press, he said in the past four years alone, consumers have had to pay a 40 per cent increase in power bills. He added that through a more efficient system, power prices can come down.

"It's a huge achievement having the biggest integrated system in the world but you've also got to review it on a regular basis and we're working not only on a commonwealth level but with the states to basically ensure that we've got a reliable system at the lowest possible cost," he said.

Ferguson told the program that consumers are changing their habits because of these increasing costs and as a result, generators are being used less.

Any plans to privatise the electricity sector in New South Wales and Queensland, won't be viable until a complete review takes place.

If you feel that your energy provider is not giving you the service that you desire, talk to a comparison and switching service to see if there is a better deal out there for you.

Posted by Charlie Moore