An independent report has found energy companies are ripping off the public to the tune of $3.4 billion. According to The Grattan Institute, coal plant closures, high gas costs and price fixing from energy companies caused power prices to jump 125 per cent between 2015 and 2017.
This disgraceful behaviour has put pressure on thousands of families and the NSW Nationals want power companies who may have been involved in “gaming the system” to come clean. Australians deserve access to reliable, affordable power and any moves to limit supply or drive prices up must be opposed.
These revelations come as companies like AGL seek to shut down coal-fired power plants, which will put further pressure on pricing and supply. Australia needs these power plants to remain in operation as businesses and Governments discuss new sources of electricity generation.
However, further power price relief is on the way. The National Energy Guarantee, in conjunction with existing policies, has been forecast to reduce household electricity bills by $400 according to the independent Energy Security Board. On top of this price relief, more consumers are also getting a better deal since the Federal Government’s meeting with the energy retailers in August last year.
As a result of the meeting and the retailers commitment to write to 1.6 million households to tell them of better deals, about 270,000 fewer customers are on market offers with expired discounts; and about 230,000 fewer customers are on standing offers. Recent analysis by the Australian Energy Market Commission has found that customers moving off standing offers could save up to $365 in New South Wales.