The Independent Competition and Regulatory Commission has not yet bestirred itself to update its website, but the ABC informs us they’ve approved a 6.4% rise in the price of electricity for the coming financial year.
Acting senior commissioner Malcolm Gray says the main reason for the rise is the Federal Government’s increased renewable energy target (RET).
He says that accounts for 5 per cent of the 6.4 per cent increase.
UPDATE: Simon Corbell has announced his pleasure that things aren’t as bad as in NSW.
“The decision by the ICRC to only increase electricity prices by 6.4% is very modest compared to a 17% increase in NSW and leaves ACT energy prices well below those across the border in Queanbeyan where consumers pay up to $1000 more per year for electricity,” Mr Corbell said.
The price increase will mean approximately a $1.65 increase to the average electricity bill per week, or $85 per year.
“The ACT Government is working hard to protect low income Canberra households from the rising cost of utilities.”
“The Government has recently announced increases to the energy rebate for low income households in Canberra which would see an extra concession payment of $131 dollars per year, taking the total utilities concession to $346.20 per annum,” Mr Corbell said.
FURTHER UPDATE: Here’s the ICRC media release:
The primary driver for the increase in electricity prices in the ACT is the enhanced Federal Government Renewable Energy Target (RET) which accounts for 5% out of the 6.4% increase. Network costs have risen as well, but the wholesale cost of electricity has fallen under the Commission’s methodology for determining the wholesale price of electricity,’ Mr Gray said.
According to the Acting Senior Commissioner, the Commission estimates that under the new tariffs, electricity costs for a typical residential customer will rise from $1,332 to $1,418 a year, or around $1.65 a week.
UPDATE 3: The full report is now online.