IBISWorld notes 'spike' in electricity prices

Electricity prices are rising due to transmission and distribution costs  16000646 800507723 0 0 14066635 300

If you have been wondering what you have done to deserve a larger-than-normal electricity bill, you might be relieved to know that it's not just you - electricity prices really are on the rise.

New research published by IBISWorld in June revealed that an increase in utility prices is largely down to transmission and distribution costs, which have gone up in recent times. This cost increase is then passed on to the consumer.

Our reliance on electricity generated from fossil fuels may also be contributing to the problem, the report noted. While last year's controversial carbon tax only had a "modest effect" on electricity price rises, according to IBISWorld, fossil-fuel generated power was the most heavily penalised.

If you are looking for ways to make your electricity bill cheaper, one simple option you may not have considered is switching your supplier.

You can switch to a different energy provider at any time - a quick call to Make it Cheaper will let you know if there is a better rate to be found in your area and you can make your plans accordingly.