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Electricity and gas prices throughout the country have been rising over the past few years and from July 1, many householders may receive another unwanted increase.
Here is a breakdown on how people in each state will be affected.
New South Wales
The gas tariff in New South Wales has increased by an average of 17.8 per cent from July 1.
This follows a report issued by the Independent Pricing and Regulatory Tribunal issued in June 2014 outlining the average regulated retail gas price increase. This was set to 17.7 per cent across the state over the next two years.
Price increases mean the typical household gas bill will increase by $155 to $225 over the course of the year, depending on usage and location.
Gas prices have been driven higher across the country because of an increase in gas demand from LNG export projects in Queensland.
The first export is due to start shipping to China later this year and in the meantime, consumers are being forced to pay the rising costs faced by retailers so gas suppliers can recoup costs.
Australian Capital Territory
Residents in ACT will not be exempt from rising prices either, with gas increasing by a whopping 14.5 per cent from July 1 and electricity by an average of 4.3 per cent.
To quantify this, the Canberra Times said it would increase gas prices by around $213 per year, and electricity prices by $85.
However, this is not the only cost increasing in the state, Liberal Treasury spokesperson Brendan Smyth told the Canberra Times on June 13.
“This is off the back of an ACT budget which will drive up general rates by 10 per cent, household utility costs by 7 per cent, motor vehicle registration by 6 per cent, [and the] emergency services levy for households by 8 per cent,” he said.
The cost of gas has risen by around 4.4 per cent in South Australia, at an average cost to households of $85 in the 2014-15 period.
An increase has long been expected as the Canadian-based company that runs the reticulated gas system between Busselton and Geraldton plans to offset falling gas consumption by charging customers higher rates to access its infrastructure.
Households in sunny Queensland are set to see the results of an increase in their gas prices of 17 per cent, as this also came through on July 1.
Their electricity costs are also set to soar, with a 13.6 per cent hike, increasing their bills by an extra $190 per year, on average.
The announcement of the Western Australian budget on May 8 included news that the electricity prices would increase by 4.5 per cent from July 1 for residential customers and 10 per cent for commercial tariffs.
However, it also highlighted that residential and non contestable tariffs would increase by a further 7 per cent in 2015 and commercial tariffs by 28 per cent.
Households in this state may see a relief from electricity rising electricity prices, as their power prices are set to drop by 8 per cent from July 1.
However, this is a change in direction for the state, Energy Minister Matthew Groom told the Examiner on June 20.
“We’ve seen increases by more than 75 per cent over the course of the last six years,” he said.
While power increases are in the pipeline for the Northern Territory, Treasurer David Tollner told the Northern Territory News in January that these would not come into effect until at least 2016.
What can you do?
No matter where you live in Australia, rising power prices may have a huge impact on your household.
A great way to lower the effect of these increases is to look to ways to reduce your consumption.
A solar hot water system could help reduce your reliance on gas or electricity as it means you are able to heat your own water.
Why not get ahead of further increases? Contact the team at Apricus for more information about these products and which kind of tank will best suit your needs.