Report: Electricity prices to rise

A new study by the Australian Energy Market Operator (AEMO) has forecast future increases in electricity prices over the next three years.

The electricity Statement of Opportunities (ESOO) was released yesterday (August 30) and looks at the overall energy market in Australia in order to evaluate trends and opportunities for future development.

Figures cited by AEMO have incorporated the impact of carbon pricing, giving consumers an idea of expected jumps in the coming years.

The price per megawatt of electricity in New South Wales is expected to hit $40.23 in 2012 and then rise to $50.74 by the end of the 2013 financial year.

A continued upward trend will see electricity prices reach $58.49 per megawatt by 2014.

Other states will see similar increases - Victoria will experience a jump from 34.50 in 2012 to 58.75 by 2012 - eclipsing NSW.

The predictions aren't favourable for South Australia, with a jump of over $30 anticipated between 2012 and 2014 - settling at $69.39.

Consumers are already concerned over the cost of energy at home and the forecast doesn't bode well for everyday Australians.

Customers can investigate potential savings by comparing the rates offered by competing electricity suppliers.