Higher power bills to kick in from July
Loading
Its prices have remained relatively stable, with the average default offer in Victoria rising $8 in the final determination. Essential Energy in regional NSW had the highest variation between the draft and final determination, with a rise of $28.
Price rises were attributed to a range of factors affecting renewable and fossil-fuel sources.
A significant driver of higher power prices, the regulator said, was breakdowns at coal-fired power plants, which require increased reliance on gas-fired power plants that draw on the highest cost fuel source.
Renewables were also a contributing factor, with rising infrastructure costs to pay for new transmission lines needed to link wind and solar farms to population centres, as well as stretches of low wind that forced increased reliance on fossil fuels.
Renewables currently supply more than 40 per cent of the electricity in the grid, and the Albanese government is aiming to make it 82 per cent by 2030.
Prime Minister Anthony Albanese promised at the 2022 election that the green power shift would cut power bills by $275 by 2025.
However, bills have risen by up to $400 for some residents in NSW and up to $250 for some Victorians since the Albanese government was elected.
Albanese said the renewables transition was an important element of the government's plan to cut emissions to address the impact of climate change
'People who question the science need to look out their window,' Albanese said on Monday as he addressed media from the National Situation Room, where he was briefed on the impact of floods on NSW North Coast.
'We know the cheapest form of new energy is renewables, backed by gas, backed by batteries and backed by hydro for firming capacity.
'We've always had floods and droughts in Australia … but what we do know is that they are more frequent and they are more intense.'
The regulator's chairwoman Clare Savage said customers could get better deals than the default offer by shopping around using the free, independent Energy Made Easy website.
'You cannot have a shift to renewables without having confidence because you will lose community support if people walk into this room here and flick on the switch and the lights don't go on,' Savage said.
'We need to make sure that there is security of energy supply at the same time as we support the transition.'
Savage said while the cost of expanding electricity networks had contributed to higher bills over the coming 12 months, she expected the new infrastructure to help lower bills over the medium to long term.
'As we start to see increased use of the system, from increased demand, we should see that cost pressure in bills come down,' Savage said, noting the uptake of electric cars and appliances such as hot water heaters and reverse cycle air conditioners.
Energy Minister Chris Bowen announced in April that the government would offer another round of energy bill relief worth $150 for households, valid until the end of the year. Homeowners with solar panels can also save 30 per cent on a one-off home electric battery purchase, in a scheme to start on July 1.
Loading
'It's clear energy bills for Australians remain too high, and we're providing help for people doing it tough as we deliver longer term reform,' Bowen said.
The default market offer operates as a price cap and offers up to 27 per cent cheaper are available, depending on location.
Bowen said around 80 per cent of households are not on the cheapest plan and he encouraged people to visit the Energy Made Easy website or energy.gov.au.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
40 minutes ago
- West Australian
Prime Minister Anthony Albanese to raise concerns over Chinese steel dumping in Shanghai roundtable
Prime Minister Anthony Albanese will raise Australian concerns over Chinese steel dumping as he urges industry leaders from both nations to work together to develop low-carbon steel production methods. At a roundtable of Australian iron ore producers and Chinese steelmakers in Shanghai on Monday, Mr Albanese will call on China to address an oversupply of steel in the global market. Excess Chinese steel production - the result of prolonged economic stimulus and weak domestic demand - has flooded the international market in recent years, squeezing producers in places such as the US and Europe, and precipitating allegations of dumping. Australia imposed anti-dumping duties on steel imports from China but the World Trade Organisation found they were improperly applied. Mr Albanese knows Australian miners - and government revenue streams - are vulnerable to a downturn in the iron ore price. 'As both countries co-operate to advance decarbonisation, we also need to work together to address global excess steel capacity,' he will tell the round table on Monday morning. 'It is in both countries' interests to ensure a sustainable and market-driven global steel sector.' It's hard to overstate the Australian economy's dependence on the Chinese iron ore trade. China is by far Australia's largest export destination and iron ore is by far the largest component. In 2024, Australia shipped $104.8 billion worth of the ferrous metal to China - about a sixth of the total value of exports to all trading partners. In addition to Chinese oversupply, the iron ore industry faces another long-term challenge - climate change. Turning iron into steel is a highly carbon-intensive process, accounting for seven to nine per cent of global emissions. Efforts to create green steel are under way but scalability remains a challenge. 'Steel decarbonisation presents a range of challenges,' Mr Albanese will say. 'What we need are enabling policy environments, extensive investments in research to develop new technologies and collaboration across academia, industry and government.' With leaders from iron ore giants Rio Tinto, BHP, Fortescue and Hancock in the room, Mr Albanese will pay tribute to the green steel projects those firms have under way. Representatives from a host of Chinese steelmakers will also be present, including Qiu Yinfu, the General Manager of Shougang, which is working with Rio on developing green technologies such as low-carbon sintering and blast furnace optimisation. Later on Monday, Mr Albanese will deliver a speech to a high-level business lunch before flying to Beijing for the next leg of his six-day tour. Australian red meat, rock lobster and red wine will be served at the lunch - three menu items that have found renewed favour in China after Beijing lifted trade sanctions on more than $20 billion worth of Australian imports. Mr Albanese will again reiterate the importance of interpersonal relationships between Australian and Chinese business leaders and ongoing dialogue in maintaining positive relations. 'There is no fixed model for a stabilised relationship,' he will say. 'Our job is to make sure that we manage our relationship so that we can contribute to regional and global peace and prosperity.'
Sky News AU
an hour ago
- Sky News AU
All eyes on Anthony Albanese's China visit as tensions mount between PM and Pentagon over AUKUS submarine review
Prime Minister Anthony Albanese is set to speak to mining and steel executives in Shanghai to back industry efforts to decarbonise China's mammoth steel sector on day two of his diplomatic trip. Join for rolling news and political coverage. Prime Minister Anthony Albanese will push for a new green steel deal with China, as he prepares to meet with top mining and steel executives on day two of his six-day long trip. Mr Albanese will argue that Australia's green future relies on finding a business oriented solution with China to slash emissions from iron ore mining and steel production. The meeting comes as the Prime Minister refuses to bow to Pentagon chief Elbridge Colby's demand for Australia to pre-commit US-supplied submarines in a potential American war with China. Subscribe to for full access and to watch exclusive interviews, press conferences and our day and night-time programs for just $5 a month.
The Advertiser
an hour ago
- The Advertiser
Mayor's plea: don't let the clock run out on Lake in Eraring closure
Lake Macquarie mayor Adam Shultz wants direct government intervention to soften the $4.5 billion hit to the city's economy when Eraring power station closes. Cr Shultz has called an extraordinary council meeting for Monday to lobby the government for support before the closure of the power station, slated in two years, takes about 1800 jobs and $4.5 billion out of the local economy. He said the loss of a generational employer would have long-lasting effects on the region and could be devastating for the local economy if not handled properly. "Local businesses are really going to feel an impact, and hence why the federal government needs to step in and provide that additional support," Cr Shultz said. "We have been doing a lot as a local council to put Lake Macquarie on the map, but in terms of the structure shift in our economy - it is happening. And we are really imploring the federal government to come and provide that assistance." Eraring is the largest coal-fired power station in the country. Combined with its auxiliary industries, it employs almost 2000 workers and accounts for about 15 per cent of Lake Macquarie's economy. While Origin Energy had supported its direct workforce through its transition, Cr Shultz said Lake Macquarie was "imploring" the federal and state government to deliver for the region to ease the inevitable tear of displaced workers The energy workers' union, which is also lobbying the federal government's Net Zero Economy Authority for support, said its members were facing an existential crisis as the sector lurched towards its sunset. "Transition support from employers has been patchy, and many workers are unsure where they'll find new jobs once the power station closes," Mining and Energy Union general secretary Grahame Kelly told the Newcastle Herald. "We know from experience that poorly managed industry closures leave long-lasting scars on workers, families and whole communities. The Albanese government's Net Zero Economy Authority is a real opportunity to do things differently and meet its commitment of leaving no one behind in the energy transition." The federal government has consulted on an energy industry jobs plan to support workers and local economies reliant on large employers. The government has said the plan would provide career planning, training and financial advice to workers, as well as paid time off to attend interviews and engage with new employers and unions. Cr Shultz said he would like to see support, particularly around Lake Macquarie, to repurpose disused mining and energy land to assist the industrial shift. "There are potentially hundreds, if not thousands, of jobs on some old mining sites and energy areas that have produced good, stable employment for generations," he said. "They could be repurposed to provide new jobs in the future and attract those new businesses." Mr Kelly said Eraring's closure should set the standard for the national energy sector's decarbonisation, and give workers confidence they they would not be abandoned. "We want Eraring to set an example," he said. "The (authority) has the power to apply an energy industry jobs plan to the Eraring closure. That would create a structured, enforceable framework for supporting workers at Origin and the many contractors and suppliers who keep the power station running." Lake Macquarie City Council will convene its extraordinary meeting on Monday, July 14, in which Cr Shultz will call a vote that the council will lobby the Net Zero Economy Authority to bring its jobs plan to the region. "If we have the Net Zero Economy Authority here, working on Eraring, then they get a first-hand look at what is next for Lake Macquarie," he said. Lake Macquarie mayor Adam Shultz wants direct government intervention to soften the $4.5 billion hit to the city's economy when Eraring power station closes. Cr Shultz has called an extraordinary council meeting for Monday to lobby the government for support before the closure of the power station, slated in two years, takes about 1800 jobs and $4.5 billion out of the local economy. He said the loss of a generational employer would have long-lasting effects on the region and could be devastating for the local economy if not handled properly. "Local businesses are really going to feel an impact, and hence why the federal government needs to step in and provide that additional support," Cr Shultz said. "We have been doing a lot as a local council to put Lake Macquarie on the map, but in terms of the structure shift in our economy - it is happening. And we are really imploring the federal government to come and provide that assistance." Eraring is the largest coal-fired power station in the country. Combined with its auxiliary industries, it employs almost 2000 workers and accounts for about 15 per cent of Lake Macquarie's economy. While Origin Energy had supported its direct workforce through its transition, Cr Shultz said Lake Macquarie was "imploring" the federal and state government to deliver for the region to ease the inevitable tear of displaced workers The energy workers' union, which is also lobbying the federal government's Net Zero Economy Authority for support, said its members were facing an existential crisis as the sector lurched towards its sunset. "Transition support from employers has been patchy, and many workers are unsure where they'll find new jobs once the power station closes," Mining and Energy Union general secretary Grahame Kelly told the Newcastle Herald. "We know from experience that poorly managed industry closures leave long-lasting scars on workers, families and whole communities. The Albanese government's Net Zero Economy Authority is a real opportunity to do things differently and meet its commitment of leaving no one behind in the energy transition." The federal government has consulted on an energy industry jobs plan to support workers and local economies reliant on large employers. The government has said the plan would provide career planning, training and financial advice to workers, as well as paid time off to attend interviews and engage with new employers and unions. Cr Shultz said he would like to see support, particularly around Lake Macquarie, to repurpose disused mining and energy land to assist the industrial shift. "There are potentially hundreds, if not thousands, of jobs on some old mining sites and energy areas that have produced good, stable employment for generations," he said. "They could be repurposed to provide new jobs in the future and attract those new businesses." Mr Kelly said Eraring's closure should set the standard for the national energy sector's decarbonisation, and give workers confidence they they would not be abandoned. "We want Eraring to set an example," he said. "The (authority) has the power to apply an energy industry jobs plan to the Eraring closure. That would create a structured, enforceable framework for supporting workers at Origin and the many contractors and suppliers who keep the power station running." Lake Macquarie City Council will convene its extraordinary meeting on Monday, July 14, in which Cr Shultz will call a vote that the council will lobby the Net Zero Economy Authority to bring its jobs plan to the region. "If we have the Net Zero Economy Authority here, working on Eraring, then they get a first-hand look at what is next for Lake Macquarie," he said. Lake Macquarie mayor Adam Shultz wants direct government intervention to soften the $4.5 billion hit to the city's economy when Eraring power station closes. Cr Shultz has called an extraordinary council meeting for Monday to lobby the government for support before the closure of the power station, slated in two years, takes about 1800 jobs and $4.5 billion out of the local economy. He said the loss of a generational employer would have long-lasting effects on the region and could be devastating for the local economy if not handled properly. "Local businesses are really going to feel an impact, and hence why the federal government needs to step in and provide that additional support," Cr Shultz said. "We have been doing a lot as a local council to put Lake Macquarie on the map, but in terms of the structure shift in our economy - it is happening. And we are really imploring the federal government to come and provide that assistance." Eraring is the largest coal-fired power station in the country. Combined with its auxiliary industries, it employs almost 2000 workers and accounts for about 15 per cent of Lake Macquarie's economy. While Origin Energy had supported its direct workforce through its transition, Cr Shultz said Lake Macquarie was "imploring" the federal and state government to deliver for the region to ease the inevitable tear of displaced workers The energy workers' union, which is also lobbying the federal government's Net Zero Economy Authority for support, said its members were facing an existential crisis as the sector lurched towards its sunset. "Transition support from employers has been patchy, and many workers are unsure where they'll find new jobs once the power station closes," Mining and Energy Union general secretary Grahame Kelly told the Newcastle Herald. "We know from experience that poorly managed industry closures leave long-lasting scars on workers, families and whole communities. The Albanese government's Net Zero Economy Authority is a real opportunity to do things differently and meet its commitment of leaving no one behind in the energy transition." The federal government has consulted on an energy industry jobs plan to support workers and local economies reliant on large employers. The government has said the plan would provide career planning, training and financial advice to workers, as well as paid time off to attend interviews and engage with new employers and unions. Cr Shultz said he would like to see support, particularly around Lake Macquarie, to repurpose disused mining and energy land to assist the industrial shift. "There are potentially hundreds, if not thousands, of jobs on some old mining sites and energy areas that have produced good, stable employment for generations," he said. "They could be repurposed to provide new jobs in the future and attract those new businesses." Mr Kelly said Eraring's closure should set the standard for the national energy sector's decarbonisation, and give workers confidence they they would not be abandoned. "We want Eraring to set an example," he said. "The (authority) has the power to apply an energy industry jobs plan to the Eraring closure. That would create a structured, enforceable framework for supporting workers at Origin and the many contractors and suppliers who keep the power station running." Lake Macquarie City Council will convene its extraordinary meeting on Monday, July 14, in which Cr Shultz will call a vote that the council will lobby the Net Zero Economy Authority to bring its jobs plan to the region. "If we have the Net Zero Economy Authority here, working on Eraring, then they get a first-hand look at what is next for Lake Macquarie," he said. Lake Macquarie mayor Adam Shultz wants direct government intervention to soften the $4.5 billion hit to the city's economy when Eraring power station closes. Cr Shultz has called an extraordinary council meeting for Monday to lobby the government for support before the closure of the power station, slated in two years, takes about 1800 jobs and $4.5 billion out of the local economy. He said the loss of a generational employer would have long-lasting effects on the region and could be devastating for the local economy if not handled properly. "Local businesses are really going to feel an impact, and hence why the federal government needs to step in and provide that additional support," Cr Shultz said. "We have been doing a lot as a local council to put Lake Macquarie on the map, but in terms of the structure shift in our economy - it is happening. And we are really imploring the federal government to come and provide that assistance." Eraring is the largest coal-fired power station in the country. Combined with its auxiliary industries, it employs almost 2000 workers and accounts for about 15 per cent of Lake Macquarie's economy. While Origin Energy had supported its direct workforce through its transition, Cr Shultz said Lake Macquarie was "imploring" the federal and state government to deliver for the region to ease the inevitable tear of displaced workers The energy workers' union, which is also lobbying the federal government's Net Zero Economy Authority for support, said its members were facing an existential crisis as the sector lurched towards its sunset. "Transition support from employers has been patchy, and many workers are unsure where they'll find new jobs once the power station closes," Mining and Energy Union general secretary Grahame Kelly told the Newcastle Herald. "We know from experience that poorly managed industry closures leave long-lasting scars on workers, families and whole communities. The Albanese government's Net Zero Economy Authority is a real opportunity to do things differently and meet its commitment of leaving no one behind in the energy transition." The federal government has consulted on an energy industry jobs plan to support workers and local economies reliant on large employers. The government has said the plan would provide career planning, training and financial advice to workers, as well as paid time off to attend interviews and engage with new employers and unions. Cr Shultz said he would like to see support, particularly around Lake Macquarie, to repurpose disused mining and energy land to assist the industrial shift. "There are potentially hundreds, if not thousands, of jobs on some old mining sites and energy areas that have produced good, stable employment for generations," he said. "They could be repurposed to provide new jobs in the future and attract those new businesses." Mr Kelly said Eraring's closure should set the standard for the national energy sector's decarbonisation, and give workers confidence they they would not be abandoned. "We want Eraring to set an example," he said. "The (authority) has the power to apply an energy industry jobs plan to the Eraring closure. That would create a structured, enforceable framework for supporting workers at Origin and the many contractors and suppliers who keep the power station running." Lake Macquarie City Council will convene its extraordinary meeting on Monday, July 14, in which Cr Shultz will call a vote that the council will lobby the Net Zero Economy Authority to bring its jobs plan to the region. "If we have the Net Zero Economy Authority here, working on Eraring, then they get a first-hand look at what is next for Lake Macquarie," he said.
