JUST in time for winter, electricity prices are likely to rise 14.29 per cent from July 1, following a “final decision” from the Independent Competition and Regulatory Commission (ICRC) today (June 7).
The ACT government’s deputy director general of sustainability and the built environment, Geoffrey Rutledge, says the proposed electricity price increase is largely a result of rising wholesale prices.
“Due to a lack of market certainty, under investment in power generation is leading to a shortfall in supply,” he says.
“The ACT is part of a National Electricity Market, and the bulk of today’s announced increase is outside the control of the ACT government.
“However, ACT households and businesses will continue to have some of the lowest cost and most reliable electricity supplies in country. Canberrans will still be paying hundreds of dollars less per year compared to our neighbours in New South Wales.
“The ACT’s renewable energy scheme costs will also remain well below the $5.50 per household per week previously estimated, and the Government remains confident that this will decline after peaking in 2020.”
Mr Rutledge says from July 1, the Utilities Concession for eligible low income households increases from $604 to $654 per year to assist with electricity costs.
For more information on the final electricity prices decision visit icrc.act.gov.au or call 6205 0799