NSW to face 18 per cent increase in power bills

Nsw residents are facing an increase of 18 per cent in electricity prices 16000646 800480841 0 0 14031737 300

NSW residents are in for yet another increase in electricity prices, the Independent Pricing and Regulatory Tribunal (IPART) has confirmed.

Household electricity prices in the region will see an average increase of 18.1 per cent on July 1, as a result of increased network costs and the government's new carbon tax, according to the final determination handed down June 13.

The figure is two per cent higher than the forecast in the draft decision released in April.

While the degree of price rises will vary depending on supply areas, NSW homeowners and business are expected to see an average increase of $333 a year.  

Electricity specialist Tim Wolfenden, managing director of Make It Cheaper, spoke out against the price hikes.

“These price increases are higher than the previous guestimate issued by IPART, and they are going to drive home owners and businesses into financial ruin," said Wolfenden. 

“Don’t just accept that you have to pay more. NSW is a highly competitive pricing environment and there are lots of good deals out there if you look for them," he continued. 

The news follows a similar decision in the Australian Capital Territories, where residents can expect to see energy bills increase by 17.74 per cent come July 1. 

The NSW government has announced that the low income household rebate will be raised to $215 in order to help households deal with the increased costs.

Posted by Charlie Moore