Energy Prices are Set to Rise Sharply by 20% in 2022 and 30% in early 2023
What is the solution for Australian Households?
In the past 2 years, electricity prices rose sharply by 141% and now, Treasury has predicted to increase by 20% in 2022 and a further 30% in 2023. This news comes as a major blow to Australian Households as they are already struggling with high inflation, increasing interest rates, rising cost of living, international political relations, etc.
Statement from Treasury
“This rise in wholesale electricity and gas prices can be expected to flow through to higher consumer prices as wholesale contracts are renewed”
“Treasury has assumed retail electricity prices will increase by an average of 20 per cent nationally in late 2022, contributing to higher forecast CPI in 2022–23.
“Given forward wholesale contract prices for electricity remain elevated, retail electricity prices are expected to rise by a further 30 per cent in 2023–24.”
However, have you ever wondered what would be the cause for this increase?
The war in Ukraine remains a major concern as far as domestic gas prices are concerned which are also predicted to rise sharply by 40% by the end of 2024
“Domestic wholesale gas prices remain more than double their average prior to Russia’s invasion of Ukraine,” the forecast notes.
“Retail gas prices are expected to increase less than wholesale prices, by up to 20 per cent in both 2022–23 and 2023–24, as major gas retailers are somewhat insulated from spot prices, either through long-term contracts or investment in gas supplies.
“Nevertheless, sharply higher spot and forward prices suggests a sizable increase in wholesale costs.”
Further budget forecasts now predict inflation in Australia to continue rising to 7.75 per cent by the end of 2022, causing more cost of living pain for households.
Source
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