QLD residents will feel the pinch as of today (July 1st) with average off-peak electricity price increases of $69. The state’s competition authority has just released its final determination on power prices for the next financial year.
With the introduction of the federal carbon tax on July 1, common off-peak electricity tariffs – tariffs 31 and 33 – will also increase up to 30 per cent, the Queensland Competition Authority said.
Power for household appliances, including electric hot water systems, is typically charged under off-peak tariffs 31 and 33.
In the lead up to the election, the Liberal National Party vowed to freeze the standard domestic tariff 11, but tariffs 31 and 33 were not covered by the pledge. The charge structure for tariffs 31 and 33 has changed from a consumption-based structure with a minimum charge, to a solely consumption-based structure.
The authority has calculated householders, using 2064 kWh per year under tariff 31, can expect their annual bill to increase 30.5 per cent, or $59. For typical households consuming 1985 kWh per year under tariff 33, the annual bill is set to increase 25.5 per cent, or $69.
In previous years, the authority, which sets the benchmark retail power price, has adjusted notified prices according to its calculation of the Benchmark Retail Cost Index.