Following the “unprecedented price rises” in the past year for retail electricity rates across Australia, it looks like we have some “unprecedented price drops” just around the corner!
I’m not sure whether I need to end this post in a /s or not.
Alt-text: Line graph of annual avg wholesale electricity prices in NSW/QLD/SA/TAS/VIC over F.Y. ending 2010-2024. 2022,2023 show an increase of 100~130% compared to 2021; 2024 shows a return to ~2021 prices (except SA).
Data source: https://aemo.com.au/energy-systems/electricity/national-electricity-market-nem/data-nem/data-dashboard-nem
“Energy price drops” does not mean “power bill price drops”. It just means “growing profits”.
I’ve been on a fixed rate contract for the last 6 months - locked it in just before the price hike. It’s been an absolute life saver as I’m on a very low income at the moment.
Exactly this, it’s what I’ve been screaming out, every time energy compayclaim wholesale prices have been rising. Like it’s googleable information and they’re just wrong. I’m on amber and wholesale prices, they definitely ain’t going up
My retailer does at least charge the variable charges at cost based on the half-hourly rates (they make all their profit off a monthly fee), so I do see some of the benefit of it immediately (although we do have to make sure we don’t use much power during price spikes).
Have you looked at your bill and seen how much of your bill is actually power usage and not administrative charges or grid connection fess?
You got me lol.
The FY2024 numbers would only be the average prices during July - August 2023. We still have 10 months of price movements for the 2024 numbers to be the final results and this Summer is probably going be hit with a lot of energy usage from air conditioning…
