The ACT’s regulated retail electricity prices will see the lowest increase in the nation this July.
The ACT’s regulated retail electricity prices will see the lowest increase in the nation this July, largely driven by the city’s transition to renewable energy.
As part of the annual update of regulated retail electricity prices, the Independent Competition and Regulatory Commission’s (ICRC) has determined that ActewAGL’s regulated (standing offer) tariffs will increase, on average, by 4.15%. This is lower than the rate of inflation and represents a decline of 2.7% in real terms.
This is also the smallest price increase among jurisdictions in the national electricity market, with residential customers in New South Wales, Victoria, Queensland and South Australia facing increases of between 20% to 27%.
The ACT Government has implemented a range of measures to help keep electricity prices low for Canberrans including:
- a competitive retail market;
- a focus on energy efficiency;
- a Commitment to renewable energy; and
- a strong regulatory framework.
If the full price increase is passed through, average ACT households would see an increase of less than $1.50 a week (around $75 over the year), and an average business less than $6 a week ($289 over the year) in their annual electricity bill for 2023-24.
The decision only applies to ActewAGL’s regulated tariffs. Prices for other offers from ActewAGL and other electricity retailers are unregulated in the ACT.
However, the regulated price on ActewAGL’s standing offer effectively constrains the level of price increases to small customers across all retailers due to market competition, as consumers can move to cheaper offers.
Canberrans are encouraged to compare their electricity retail offers against Canberra’s reference price. The reference price indicates how much an average household can expect to pay for their electricity. References prices can be used by customers as a guide to shop around for the best deal.
The Federal Government’s energy bill relief of $175 for households and $325 for small businesses will more than offset the increase in electricity prices for eligible customers.
Further to this, the ACT Government is committed to helping Canberrans manage their expenses and have put in place numerous incentives, rebates, and concessions to assist those in need.
This includes the annual Utilities Concession, which provides over 31,000 Canberra households with cost-of-living support of $800 in 2022-23, delivered directly through electricity bills.
For more information on ACT Government rebates, concessions and government assistance programs please visit act.gov.au/assistance
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