‘Sanity’ restored to electricity prices
Older Australians have welcomed a draft decision which will see NSW residential electricity price increases kept broadly in line with inflation from July 2013.
Older Australians have welcomed a draft decision which will see NSW residential electricity price increases kept broadly in line with inflation from July 2013.
The Independent Pricing and Regulatory Tribunal (IPART) has determined an average electricity price increase of 3.0%. This compares to an 18% increase last year which wiped out last year’s initial carbon tax compensation payments in a single swoop.
“Thank goodness we’re finally seeing some sanity being restored to electricity prices,” said National Seniors chief executive, Michael O’Neill.
“Across New South Wales, older people who have very little capacity to adjust to unexpected price hikes are breathing a collective sigh of relief,” he said.
“It real terms, it means being able to cook that roast or use the heater this winter.”
He added across the border Queenslanders were “bracing themselves” for a 23% increase in power prices from 1 July.
“Other states should expect to be asked why they’re not following suit,” Mr O’Neill said.
IPART claimed NSW electricity prices, which are expected to continue falling over the next couple of years, have moderated due to lower network costs.
For gas, prices were expected to not only increase by 8.6% but possibly continue rising next year.
