After months of skyrocketing electricity bills there may be some relief in sight – at least in the long term – with a “significant” drop in prices forecast for some Australian states.
Although from February 1 several major retailers will roll out a gas price hike of 20 per cent or more – with some providers ditching gas entirely – despite this, new analysis has shown that residents in the east could expect power bills to drop by up to half in 2023-24, according to Finder.
Treasury analysis has revealed that power prices could be slashed “significantly” – between 29 and 44 per cent depending on which state you live in – which could equate to bills lowered by up to $230.
The largest fall of 44 per cent is expected in Queensland, followed by NSW at 38 per cent, while South Australians could enjoy a 32 per cent reduction, with a 29 per cent fall flagged for Victoria.
“What all of these movements in the gas and electricity markets shows is that you need to keep a close eye on your energy bills,” Mariam Gabaji, utilities expert at Finder, said.
“Compare energy plans. This is more important than ever given how quickly prices have been changing. You should do this for both your electricity and gas plans.
Read Related Also: Jaroslav Halak, 37, finding his groove as Rangers’ backup goalie
“If your retailer has told you your bills are going to increase, compare your options, ask them to offer you a better deal, and if they don’t, just switch.”
Kogan, Dodo and OVO Energy have all confirmed their services will no longer include gas.
Energy Australia said Victorian gas customers on variable market contracts will see their bills go up by roughly 26 per cent from February.
Origin Energy and AGL have also warned that their gas rates will soar by an estimated 22 per cent and 21 per cent respectively from next month.
Sign up here to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
