Nsw Electricity Prices Increase Tomorrow By 21 Per Cent

NSW Electricity Prices Increase Tomorrow by 21 per cent
Regional Customers Hit Hardest

New South Wales households will start paying an average of 20.8 per cent more for their electricity from Wednesday, July 1st.

The result will be an annual increase in the average household electricity bill of around $296, according to Mr Shaun Johnson, CEO of the independent energy price comparison service, Switchwise.com.au.

Switchwise.com.au is a free and impartial online service that provides consumers with an easy way to compare electricity and gas prices and plans offered by all energy suppliers.

Mr Johnson says around half of the retail price rises is due to increases in network charges to fund improvements in the electricity network's reliability. Significant increases in the wholesale costs incurred by EnergyAustralia, Integral Energy and Country Energy in purchasing electricity were also a significant contributor to the price increases.

According to Switchwise:

* Electricity price rises will range from 20.2 to 21.8 per cent, equivalent to a hike in annual bills of $266 to $321 depending upon where in NSW you live.

* Customers in Country Energy's network area, which covers regional and rural areas of NSW, will see the greatest dollar increases in their electricity bills by $305 to $321 per year.

* Regional NSW households will now pay the highest prices in Australia for their electricity. They will pay up to 28.8 per cent more for their electricity each year compared with households in other parts of NSW.

* Customers in Energy Australia's network area, which includes the Sydney CBD and suburbs, will see the highest percentage price increase in the State but will still pay $247 to $428 per year less than customers living in other areas of NSW.

* Customers in Integral Energy's network area, which includes Sydney's Greater West, the Southern Highlands and Illawarra, will see their annual electricity bills rise by 21.3 per cent or $293.

Mr Johnson says that while the price hikes are very bad news for the household budget there might be some benefits to consumers in the form of new product offerings and bigger discounts should the NSW market now entice many of the newer energy retailers, already competing aggressively in Victoria, to cross the border.

"It is now more important than ever that consumers compare their current energy supplier to other offers available in the market to make sure they are getting the best deal available", he says.

For Further Information, Comments or Interview Opportunities:
Shaun Johnson - Founder & CEO, Switchwise.com.au
Mobile: 0423 126 204
Email: [email protected]
Web: http://www.switchwise.com.au/

Notes to Editors:
* Price changes for each network area are determined by comparing the 2009/10 and 2008/09 regulated, standard contract prices in each network area.

* Calculations assume an average NSW household consumes 7,500 kWh of electricity per year on a single-rate domestic tariff. This calculation is based upon data sourced from the Energy Supply Association of Australia. Calculations for other tariff types available upon request.

About Switchwise.com.au

Switchwise.com.au is a free and unbiased online service that provides consumers with an easy way to compare electricity and gas prices and plans offered by a range of energy suppliers. Consumers can easily determine the best deal for their homes, whether based upon pricing, renewable energy or supplier service levels, and switch their supplier online in a few simple steps.

Switchwise.com.au is currently available to all households across Australia and will be extended to small businesses shortly.

Switchwise.com.au is an Australian-owned and operated company that has the financial backing of Netus (www.netus.com.au), a leading Australian technology investment firm chaired by the former director of Microsoft Asia Pacific, Daniel Petre.


SOURCE: Switchwise.com.au