Electricity and gas prices are officially set to rise in NSW on 1 July 2012.

The Independent Pricing and Regulatory Tribunal today announced its final decision on electricity and gas prices from 1 July, and the price rises are higher than first thought.

Regulated electricity prices will rise by an average of 18% across NSW and up to 20.6% in some parts of the state. Regulated retail gas prices will also increase by 9% to 15 %.

How will this impact me?

Electricity costs in the different energy supply areas will increase significantly – adding an extra $208 to $427 to an average household bill. In brief:

• Energy Australia customers face a 20.6% price rise – a jump of $364 a year on an average residential customer bill and $472 per annum on average for small business customers.
• Integral Energy customers face an 11.8% rise – a jump of $208 a year on an average residential customer bill and $270 per annum on average for small business customers.
• Country Energy customers face a 19.7% rise – a jump of $427 a year on average on an average residential bill and $555 per annum on average for small business customers.

The cost of regulated gas prices for individual customers will increase by 9% to 15% depending on their standard retailer and annual consumption.

Why are the prices increasing?

The main drivers for the price increases are rising network costs (i.e. poles, wires, pipes) and the increase in wholesale energy costs for retailers due to the introduction of the carbon price.

What can you do to reduce costs?

Higher energy prices will add to the burden for many families and businesses but there are some actions people can take now to help reduce the costs. Start with an audit to look at where you can reduce energy usage in the home or business.

IPART is also encouraging NSW consumers to compare offers from retailers to ensure they have the most appropriate and cost effective service for their needs.

When shopping around make sure you compare like for like. Look at the entire bill including energy rate and service charge, check if a discount applies to all or part of the bill, and check if an exit fee applies.

Need some help?

An energy broker like Energy Quotes can make the process easy, with a fast and free service over the phone or internet.*

Our friendly staff provide no obligation quotes and only recommend a customer change their plan if it saves them money. For more information call 1300 697 868 or visit www.energyquotes.com.au

*Australian–based consultants compare a customer’s current rate and discount with a number of energy providers in the area based on actual energy usage. Advice is based on information received at time of quote and may be subject to increasing government or supply charges.