Australia's household power prices rose 63% in past decadeStaff Writer | October 16, 2017
Residential electricity prices have increased by 63% on top of inflation over the past decade.
Australia The Australian watchdog:
An interim snapshot by the Australian Competition and Consumer Commission found there was a “severe electricity affordability problem across the national electricity market, and the price increases over the past 10 years are putting Australian businesses and consumers under unacceptable pressure”.
It noted that “large increases in electricity prices have not been matched by price increases in other areas of the economy, nor in wage growth” and it said the burden of higher electricity prices “disproportionally affects those segments of society least able to afford it”.
The report pointed to the 63% increase over the past 10 years, and it broke down the components of a residential power bill of $1,524.
It said 48% of that bill was network costs, 22% wholesale costs, 16% retail and other costs, and 8% retail margins. Green schemes, which have been the focus of most public attention in recent times, made up only 7%. ■