EnergyAustralia announces rate changes from 1 August 2022

Key points

• Gas and electricity prices for residential and business customers on variable rate contracts with EnergyAustralia are increasing from 1 August 2022.
• Pricing changes reflect the rise in wholesale market gas and electricity costs, that have more than doubled over the past year in some states, driven by supply issues.
• More than a third of EnergyAustralia’s customers are on fixed rate contracts and are protected from price rises during their contract term.
• More cost effective energy plans with EnergyAustralia may be available for customers.  
• EnergyAustralia customers experiencing financial difficulty are encouraged to reach out to us for support. Our dedicated residential EnergyAssist support team can be contacted on 133 466, while our small business customers can call the Rapid Business Assist team on 1800 146 749.

EnergyAustralia today announced average electricity and gas price increases for most residential and small business customers who are not on a fixed rate contract from 1 August 2022 in all states except Queensland, which will come into effect from 10 August 2022.

“These changes reflect the more than doubling of wholesale electricity and gas costs that we pay to supply our customers,” EnergyAustralia Chief Customer Officer Mark Brownfield said today.

Average prices for EnergyAustralia residential customers on variable rate electricity plans will increase by 5.5 per cent ($111 a year) in Victoria, 17.9 per cent ($362 a year) in New South Wales, 14.9 per cent ($312 a year) in South Australia, 18.9 per cent ($367 a year) in Queensland and 13.3 per cent ($259 a year) in the ACT.

The average price increases for EnergyAustralia small business electricity customers are 5.8 per cent in Victoria, 12.3 per cent in New South Wales, 12.9 per cent in South Australia, 18.9 per cent in Queensland and 4.9 per cent in the ACT.

EnergyAustralia also today announced an increase of 7.9 per cent in South Australia and 8.9 per cent in New South Wales and the ACT for gas tariffs for most residential and small business customers not on fixed price contracts from 1 August ($82 per year for average residential customers in both NSW and SA, and $151 in the ACT).

”More than a third of our customers are protected by being on fixed rate plans. In the last 3 months, we have helped more than 75,000 customers update to a fixed-rate plan.

“EnergyAustralia recognises that people face tough situations at different times in their lives. Our message to customers it that we’re there to offer support if anyone believes they will be unable to meet their energy costs in light of today’s reprice announcement. 

“When the coronavirus pandemic first struck, EnergyAustralia was the first major energy retailer to stand up dedicated support for small businesses with Rapid Business Assist. The help we offered remains in place today, alongside our residential program, EnergyAssist.

“We can provide tailored support through payment plans, extensions, a stay-connected guarantee and access to cashflow assistance for small businesses.”  

EnergyAustralia also reminds customers that government assistance is available:

• Eligible South Australians on low or fixed incomes can apply for help with the cost of energy bills for their principal place of residence. If you receive the energy concession, you could also be eligible for the SA Concessions Energy Discount Offer. 
• The Victorian Government is giving a once-off $250 payment for all Victorian households that use the Victorian Energy Compare website, found at   https://compare.energy.vic.gov.au/psb-faq
• Queenslanders will receive a $175 Cost of Living Rebate on their next power bill. Electricity providers will automatically apply the credit, so Queenslanders don’t have to apply.
• NSW residents are eligible for Energy Accounts Payment Assistance (EAPA) $50 vouchers.  See Apply for Energy Accounts Payment Assistance (EAPA) vouchers for more information. 

“Australia is in the midst of an unprecedented energy shock and our job as a generator and a retailer is to keep pumping power into the system to support our 2.4 million customer accounts, including those who may be doing it tough,” Mark Brownfield said.

“The only solution to higher electricity prices is an increase in the supply of power. The fundamental issue is that coal and gas are in short supply. You can see that from the export prices over the past year, with coal up 243 per cent and gas up 148 per cent.

“Energy generators in Australia need to do three things: keep working on energy security, increase energy supply to try to limit price hikes and get to net zero as quickly as possible.

“We’re investing in a range of energy projects to help bring more capacity into the market and support the volume of renewables entering the system.”

EnergyAustralia’s recent announcements include:

• investment in a 350MW, 4-hour battery at Wooreen;
• construction of Australia’s first hydrogen/gas peaking power station, Tallawarra B, with over 300MW capacity; all greenhouse gas emissions to be fully offset over its operational life;
• our storage services agreement for the 250MW Kidston pumped storage hydro project in Queensland; and
• underpinning the Darlington Point and Riverina batteries for a combined 90MW in NSW.