Wholesale Electricity Price Doubles In One Year
The Australian Energy Market Operator (AEMO) recently released new data showing wholesale electricity prices have more doubled in just 12 months, dealing a new blow to Australian families already struggling with the crippling cost of living.
Data released in the report shows wholesale electricity prices shot up by 141 per cent in the latest quarter from January to March 31, from the same time frame last year.
The AEMO also said electricity prices for the quarter are 67 per cent higher than the previous quarter, with prices averaging at $87 per megawatt hour.
This significant increase in wholesale electricity prices will unfortunately see electricity retailers pass on this increased cost to consumers and businesses, with the AEMO forecasting energy companies will push up their power bills by eight per cent after the election, or $100 per bill.
Gas prices have also jumped from the previous year, with prices averaging $9.93 per gigajoule compared with $6.05 per gigajoule in the 2021 March quarter. The report also stated renewable resources will continue to expand into the market.
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